FROM PAGE B1

Soybean oil rose more sharply, reaching $1,482 per tonne in March from $1,282 in February – a month-on-month increase of about 16 percent.

Soybean meal prices increased to $473 in March from $425 in February.

Amirul Haque, managing director of Delta AgroFood Industries, a major soybean meal-oil importer, said the situation is largely driven by rising global import costs.

He noted that oilseed prices had climbed from $435–$450 to nearly $500 per tonne within a month and a half and could rise further to $550.

He fears that soybean oil prices in the international market may exceed $1,300 per tonne, in line with trends at the Chicago Board of Trade.

Luthful Kabir Shaheen, director of business development at City Group, which markets the Teer brand of edible oil, said, “The reason is surging freight costs, which have gone up by 2-2.5 times since the war.”

Officials from Meghna Group, which markets Fresh-branded products and is among the country’s leading commodity importers, declined to comment.

Meanwhile, Golam Mawla, president of the Bangladesh Wholesale Edible Oil Traders Association, said the increase reflects ongoing market pressure rather than a sudden crisis.

“Products are available, but they are sold quickly upon arrival, creating a perception of tight supply,” he said.

Karwan Bazar’s retailer Siddique echoed the sentiment, saying panic buying had added further pressure. “The government has little control, and wholesalers in Khatungonj and Dhaka’s Moulvibazar are setting prices as they wish.”

SPICES AND SUGAR

At Khatunganj, the sharpest price increases have been recorded in spices and dry fruits, many of which are directly sourced from the Middle East and Central Asia.

Pistachio prices surged by more than 30 percent to Tk 4,100 per kg, while sour dried plums saw an exceptional spike of over 160 percent to Tk 1,320 per kg. Both of the items are largely brought in from Iran and Afghanistan.

Prices of raisins, cumin, nutmeg and mace have also risen significantly. Traders say supply chain disruptions linked to the Middle East can have an immediate impact on Bangladesh’s commodity market, given this concentration of sourcing.

Raisins arrive from Iran, Afghanistan, Turkey and Uzbekistan. Cumin is imported mainly from India, Syria and Turkey, while nutmeg and mace come predominantly from Indonesia.

Sugar prices have edged up modestly, with a maund now selling at Tk 3,550 compared to Tk 3,420 a week earlier. Bangladesh imports sugar mainly from Brazil, India and Thailand.

The World Bank data shows that sugar world prices increased slightly to $0.33 per kg in March from $0.31 in February. The global sugar prices have been on a downward trend since reaching $0.52 in 2023. Prices stood at $0.45 per kg in 2024 and 0.37 in 2025.

FREIGHT COSTS THE MAIN CULPRIT

While Bangladesh’s key commodity imports do not pass through the Strait of Hormuz, the broader disruption to global shipping has driven up freight costs considerably.

A senior official from a major commodities importing company said freight charges have risen from $35 per tonne before the conflict to $55 per tonne at present, an increase of more than 57 percent.

Major global shipping lines have introduced a series of emergency surcharges since early March. Maersk announced on March 3 an emergency freight increase for cargo to and from Gulf destinations – including the UAE, Qatar, Saudi Arabia, Bahrain, Kuwait, Iraq and Oman.

It set rates at $1,800 per 20-foot container, $3,000 per 40-foot container, and $3,800 for refrigerated units, citing higher operating costs and the need for alternative routes.

CMA CGM introduced a similar emergency conflict premium on March 2, at $2,000, $3,000 and $4,000, respectively, for the same container types. The company also announced an emergency fuel surcharge of $75 to $180 starting March 16 due to rising bunker costs.