Rice, sugar and edible oil prices increased in retail markets in last two days due to stocking by wholesalers after the government’s announcement that plying of trucks, covered vans and lorries on highways would remain halted for seven days starting three days before Eid-ul-Fitr.
The government, however, on Thursday revoked its decision announced on July 29.
After the announcement a quarter of businessmen stocked the commodities and created artificial crisis of the items, traders said.
They alleged that the wholesalers raised the prices of rice, sugar and palm oil, showing excuse of a supply shortage.
The prices of rice and sugar increased by Tk 1-Tk 2 a kilogram in last two days while the price of palm oil increased by Tk 4 a kg on the retail market, said Mizanur Rahman, a retailer at the Karwan Bazar kitchen market.
The prices of fine varieties of miniket and najirshail rice increased by Tk 1 a kg and were selling at between Tk 44 and Tk 52 a kg, medium varieties at between Tk 36 and Tk 50 a kg and coarse varieties at between Tk 32 and Tk 35 a kg on Sunday.
The price of sugar increased by Tk 2 a kg and was selling at Tk 48-Tk 50 a kg on Sunday.
The Trading Corporation of Bangladesh, however, cut the price of sugar by Tk 1 a kg and set the price of the item at Tk 43 a kg, a press release of the commerce ministry said on Sunday.
The price of palm oil increased by Tk 4 a kg but the price of bottled soya bean oil remained unchanged, traders said.
Palm oil was retailing at Tk 80 a kg while the super palm oil was selling at Tk 84 a kg in the capital’s retail markets on Sunday.
Mizanur said that after the government’s announcement over movement of trucks, covered vans and lorries some dishonest businessmen stocked commodities to gain extra profit and now they were raising the wholesale prices.
Bangladesh Edible Oil Wholesale Merchants Association president Md Golam Mawla, however, said the price of sugar increased by Tk 100 a bag in the wholesale market due to an increased demand but the price of palm oil remained stable.
Mawla, also the secretary of the Moulvibazar Traders Association, said that the government’s decision, which was rescinded later, that had suspended plying of trucks, covered vans and lorries on national and regional highways for seven days starting three days before Eid was a very impractical one and if not withdrawn, it could have put severe impact on the commodity prices.
‘We are relieved now as the government has withdrawn the decision,’ he said.