Considering the international market price and domestic production and supply situation, the government will decide the price of nine essential products. They are rice, flour, flour, oil, sugar, lentil, egg, cement, rod from now on. It has also been decided to take legal action against those who sell beyond the fixed price announced by the government.
The decision was taken by the Ministry of Commerce in a meeting with the stakeholders regarding the progress of supply, storage and import process of products in the market on Tuesday (August 30). After the meeting, Commerce Minister Tipu Munshi gave this information to the reporters in a briefing.
He said that until now the Tariff Commission used to set the price of edible oil and sugar only. But in recent times the prices of these commodities have skyrocketed, taking advantage of the global instability and appreciation of the dollar in the domestic market. Which should not have happened. The matters have come to the attention of the Ministry of Commerce and to keep it under control, regular operations are being conducted through various organizations including the Directorate of Consumer Rights Protection.
Tipu Munshi said that even though the operation was going on, stability in the market could not be created at the right price in real sense. In such a context, this meeting was held with all the stock holders of the products related to the Ministry of Commerce.
The Minister said that the Bangladesh Trade and Tariff Commission has been given the responsibility to determine what the price of the products should be on an overall basis. They will decide the exact price in the next 15 days after discussing with the concerned holders.
Commerce Secretary Tapan Kanti Ghosh, Bangladesh Trade and Tariff Commission Chairman Mahfuza Akhtar, FBCCI Senior Vice President Mostafa Azad Chowdhury Babu and Chittagong Chamber of Commerce President Mahbubul Alam, Bangladesh Competition Commission Chairman Mofizul Islam, Director General of Consumer Rights Protection Directorate AHM Safikuzzaman along with senior officials of the Ministry of Commerce were present.
Soybean oil price may go up as Bangladesh Tariff Commission (BTC) is considering proposal for hiking edible oil price due to higher production costs.
Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association (BVORBMA), the association of owners of edible oil refining and marketing companies, has submitted a proposal to raise soybean oil price by Tk15 per litre.
The oil refiners argued that traders will count losses due to higher production costs and price hikes in the global market if soybean oil price is not adjusted.
The refiners submitted a letter last Tuesday to Commerce Secretary Tapan Kanti Ghosh, urging the government to readjust the prices by Sunday (tomorrow). The refiners made the proposal a month after lowering soybean oil price by Tk14 a litre.
Chief Executive of BVORBMA, Nurul Islam Molla, told UNB, the situation was described to the commerce secretary.
After a meeting with Salman F Rahman, the prime minister's adviser for private industry and investment on October 3, the association lowered the prices by Tk 14 a litre. The price of a litre of unbottled soybean oil was set at Tk158, a litre bottle at Tk178, and a 5-litre bottle at Tk880.
Imports were expected to fall for several months due to the massive restriction on luxury goods imports. Although the impact is not felt till August, both imports and exports have declined since September.
According to main line operators of foreign vessels, imports fell by 12 percent in September and exports by 16 percent compared to August 2022.
According to the main line operators of foreign vessels, in September 2022, 1 lakh 1 thousand 493 units of import cargo containers arrived at Chittagong port; In August the amount was 1 lakh 14 thousand 920 units. In percentage, imports decreased by 12 percent. The import volume in July was 1 lakh 13 thousand 600 units.
Traders say that the reason for the decrease in imports is that the Board of Revenue has imposed new duties on the import of 135 types of non-essential and luxury goods last May. Along with these products, banks have to pay 100% margin to open a credit card for import of less important products. Which means, traders have to pay 1 crore cash in order to open a credit card of 1 crore Tk. The booking rate of these products abroad has also increased; And the demand in the country has decreased. Overall, the rate of import of goods fell.
Ajmir Hossain Chowdhury, Head of Operations and Logistics of Mediterranean Shipping Company (MSC), said that due to strict opening of credit, volatility in dollar exchange rate and reduced demand, imports have decreased. This trend may last till December to January.
MA Salam, head of the Asian Group and a garment trader, said one of the main reasons for the decline in exports was the disruption of the supply chain due to the Russia-Ukraine war. Also, due to the increase in the price of products, buyers are more interested in everyday products than luxury products across Europe.
However, a director of Bangladesh Shipping Agents Association said that the export rate is low from September-November every year. It happened this time too. Exports increased by 14 percent in September 2022 compared to September 2021. Exports are now higher than in 2019. I am hopeful that exports will start to pick up again from November.
The Bangladesh Energy Regulatory Commission (BERC) on Sunday announced the new price of liquefied petroleum gas for the month of October, a drop of Tk2.91 per kg.
A 12-kg LPG cylinder would now cost Tk1200 (instead of Tk1,235) for retail, according to the revised price.
The prices of LPG for other sizes of cylinders from 5.5 kg to 45 kg will come down rationally, said BERC chairman Abdul Jalil, who announced the new price at a virtual press briefing on Sunday.
As per the announcement, the price of auto gas (LPG used for motor vehicles) was reduced to 55.92 per litre from previous price of Tk 57.55 per litre, down by Tk 1.63 per litre.
The new price will be effective from 6 pm on Sunday (October 2).
Jalil informed that the US Dollar rate was considered at Tk 106.64 in refixing the price of the LPG as private operators import it from Middle East through foreign currency.
He said though the LPG price has substantially come down in the global market, consumers are not getting full advantage of the downward trend due to the high dollar price in the local market.
Last month, the dollar exchange rate was considered Tk104.02
The price of LPG, marketed by state-owned LP Gas Company, will remain as usual as it is locally produced with a market share of less than 5%.
The LPG price went up to the highest Tk1,439 (a 12kg cylinder) in the local market, following the start of the Russia-Ukraine war in February this year.
The LPG price was the lowest at Tk1,225 for a 12kg cylinder in January this year and it witnessed continuous hikes in February, March and April.
The Bangladesh Energy Regulatory Commission (BERC) has increased the price of liquified petroleum gas (LPG) at the consumer level.
The company has increased the price of 12-kg cylinder of LPG by Tk16 and fixed it at Tk1,235.
The BERC announced the hike at a virtual press briefing on Wednesday. BERC Director (Gas) Engineer Mohammad Ali Biswas confirmed the matter.
BERC adjusts LPG prices regularly keeping in mind the international market situation. The state agency usually makes the announcement at the beginning of the month at a virtual press conference.
At the beginning of August, BERC fixed the price of a 12 kg LPG cylinder at Tk 1,219. In that month, the price of 12 kg cylinder decreased by Tk 35.
In July, BERC fixed the price of a 12 kg LPG cylinder at Tk 1,254. And in June it was Tk 1,242.
Earlier, the consumer had to spend Tk 1,335 to buy a 12 kg cylinder in May.
Till April 12, 2021, LPG rates were at the discretion of the companies. BERC announced rates for the first time on April 12.
At that time, it is said that the price of this import-dependent fuel will be based on the price announced by the Saudi state company Aramco.
If the Saudi rate fluctuates, the base price will also fluctuate. Other commissions will remain unchanged. BERC has been announcing LPG rates every month since the announcement.
The prices of daily essentials are rising alarmingly. The continuous increase in the prices of everyday products is causing distress in the households of middle and lower-income individuals. Staple items like edible oil, rice, lentils, along with newly added items like onions, flour, chicken, vegetables, and eggs are seeing...
Soybean oil price may go up as Bangladesh Tariff Commission (BTC) is considering proposal for hiking edible oil price due to higher production costs. Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association (BVORBMA), the association of owners of edible oil refining and marketing companies, has submitted a proposal to raise soybean oil price by Tk15 per litre.
Imports were expected to fall for several months due to the massive restriction on luxury goods imports. Although the impact is not felt till August, both imports and exports have declined since September. According to main line operators of foreign vessels, imports fell by 12 percent in September and exports by 16 percent compared to August 2022.
The Bangladesh Energy Regulatory Commission (BERC) has increased the price of liquified petroleum gas (LPG) at the consumer level. The company has increased the price of 12-kg cylinder of LPG by Tk16 and fixed it at Tk1,235. The BERC announced the hike at a virtual press briefing on Wednesday. BERC Director (Gas) Engineer Mohammad Ali Biswas confirmed the matter.