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Saturday, April 11, 2009

Edible oil prices shoot up

The New Age

The price of edible oil increased sharply in the past week both at wholesale and retail markets again as its supply had declined from the refiners.
Wholesalers predict further increases as refiners’ stocks became vulnerable due to less procurements of crude palm or Soya bean recent weeks.
With sharp increases on prices on the international market, refiners slowed or stopped procurements.
On Friday, a kilo of non-packed Soya bean oil was retailed between Tk 78 and Tk 80, up by Tk 8 over the week.
Up by Tk 6 over the week, ‘super palm,’ the finely refined palm oil, which demand is high in summer than winter, sold between Tk 64 and Tk 66 per kilogram.
At wholesale markets non-packed Soya bean price increased by Tk 200 per maund (37.3 kilograms) in two weeks and sold at Tk 2,280 on Thursday. Soya bean wholesale price was at Tk 2,800 on Tuesday, up Tk 300 in a fortnight.
‘Less imports in the past two months reduced refiners’ stocks so as the deliveries that are pushing prices up,’ said Haji Mohammd Ali Bhuuto, a Maulvibazar trader.
Bhuuto who is also a leader of the Bangladesh Edible Oil Wholesaler Association feared that the prices might go up in the next few days.
Crude palm oil was quoted in Malaysia at $760 on Thursday against $580 in early February, as export stocks in Indonesia and Malaysia become vulnerable.
‘Forward stocks remain poor there while frequent rains effect summer harvests of palm in the world top sources of palm oil,’ Taherul Haque, a leading indenter told New Age.
Haque points out drought reduced production of Soya bean in Latin America and an end-March strike by the Argentine farmers against export tax disrupted imports around the world, also in Bangladesh.
Bangladesh consumes around one lakh tonne of refined palm and Soya bean oil a month, but market sources told New Age all refiners’ stock was for less than a month at end of last week.
Besides Soya Bean, city markets also saw increase on the prices of potato. White potato was retailed between Tk 20 and Tk 22 on Friday, up by Tk 3 in a week and Tk 8 in two weeks. Bad harvests of potato this year is pushing up prices, market sources said.
Declined by Tk 2 over the week, packed coarse flour was retailed between Tk 21 and Tk 23, per kilogram.
Flour price saw another round of decline as wheat prices continued declining due to huge supply from importers, who are also depressing market just after the local wheat harvest end.
Remaining somewhat unchanged in the week, ordinary grade coarse rice retailed between Tk 19 and Tk 22 per kilogram, fine rice between Tk 28 and Tk 36, red lentil Tk 76 and Tk 100 and onions, Tk 18 and Tk 30.
Beef sold at Tk 220 per kilogram, live broiler between Tk 110 and Tk 120 while per dozen of eggs sold between Tk 81 and tk 84.
Vegetables prices remained somewhat unchanged in the week while fish were selling at high prices.
On Friday at Nakhalpara bazar, medium-sized deshi ruhita, sold per kilogram between Tk 180 and Tk 250, shrimps between Tk 300 and Tk 400 while small mola fish sold between Tk 180 and Tk 220.
A small sized hilsha, weighing around 800-gram, sold at Tk 200 at the bazar as its demand remain high among shoppers prepare to taste that on the New Year’s morning on Tuesday.



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