- Traders priced eggs over the phone
- The DNCRP will carry out raids on the rice markets
- FBCCI is holding a meeting with major egg producing companies today
After two weeks of unrest, commodity prices in the capital’s kitchen markets have started to fall as government surveillance intensifies.
Egg and broiler prices started falling four days after Trade Minister Tipu Munshi announced the import of eggs and the Directorate of National Consumer Rights Protection (DNCRP) launched campaigns on the stairs.
Although egg prices have moved closer to where they were before the oil price spike, broiler chicken prices, although they have fallen, have yet to return to a normal state.
A dozen eggs are currently selling for 120-130 Tk in various markets in Dhaka, down from their recent highs of 155-160 Tk. Broilers sell for 180 to 185 Tk per kg, compared to 200 to 210 Tk previously. Egg prices were between Tk 120 and 125 per dozen and broiler prices between Tk 155 and 160 per kg before the last fuel price hike on August 5.
The DNCRP observed that wholesalers destabilize the egg market by setting higher prices through phone calls and text messages, taking advantage of rising fuel prices.
AHM Shafiquzzaman, Director General (Additional Secretary) of DNCRP, said at an event, “The cost of transport per egg is expected to increase by 0.3-0.4 Tk due to increased fuel prices. But traders have raised the price by Tk 2.70 per egg.. Egg traders’ associations are destabilizing the market across the country by fixing prices on phones.
The DNRP now monitors the rice market. Rice prices, which were already sold at high prices, increased further due to the instability of the dollar market.
Coarse rice is now selling between 55 and 58 Tk in the market, which is 21.51% more than last year, according to data from the Trading Corporation of Bangladesh (TCB). Good quality Miniket rice sells for 75-78 Tk while the best quality of this variety costs 80-85 Tk, 12% more than the same period last year.
The government has authorized various traders and institutions to import 10 lakh tons of rice. But traders, anticipating the higher cost of imports due to the high price of the dollar, raised prices in advance.
To prevent market manipulation by unscrupulous traders, the DNCRP will raid rice markets across the country starting Monday.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will hold a meeting with egg and broiler producers and traders on Monday morning to find out who is responsible for the volatility in the egg market.
In a meeting with the DNCRP on Sunday, Haji Lokman Hossain, secretary general of the Karwan Bazar Kitchen Market Traders Association, said, “Due to the dollar price, the cost of importing rice from India increased. Given this cost, traders have already raised the price of rice. This is not completely illogical and unethical.
Market analysis data from TCB on Sunday showed flour prices rose a week ago due to the halt in wheat exports and a strong dollar. Bulk flour sells for 50-55 Tk per kg, down from 45-50 Tk previously. Packaged flour sells for 55 to 60 Tk per kg, compared to 50 to 55 Tk previously.
Edible oil prices remain stable as the government did not allow a price hike of Tk 20 per liter demanded by traders. However, after the increase in fuel oil prices, the price of onion went from 40-45 Tk to 50-55 Tk per kg.
The DNCRP gave several instructions during the meeting with egg wholesalers, retailers and retailers on Sunday.
These include sales receipts must be kept, the wholesale price and the price of purchase from the farmer must be kept at a reasonable level and trade associations cannot in any way be allowed to fix the price. eggs and chicken.
During the meeting, Aman Ullah, Chairman of Tejgaon Multi-Purpose Egg Traders Association, said, “About 18-20 lakh of eggs are sold in Tejgaon markets every day from 12:00 p.m. to 5:00 p.m. about 35 traders and 25 retailers of the association collect these eggs from different parts of the country. The price is fixed at night according to the tariffs of companies and different districts. Later, they inform the retailers by telephone.
At that time, DNCRP DG AHM Shafiquzzaman asked why the price per egg had been increased by Tk 2.70. In response, Aman Ullah said that major egg companies started fixing the price increase after August 7. In a competitive market, we set the price accordingly.
Aman Ullah said he receives the price of eggs every morning via text message from Nasir, a Kazi Farms Group dealer, and then sets the price accordingly at night.
AHM Shafiquzzaman said the Tejgaon Egg Traders Association would not be able to price eggs and chickens this way. “Prices can, however, be determined by a bidding system like the fish market,” said the DG of the DNCRP.
Mostofa Azad Chowdhury Babu, Senior Vice President of FBCCI, said, “Prices have gone up because of peddlers and middlemen. But those who play in the market must be identified specifically. That is why the FBCIS called a meeting with small and large egg and chicken producers on Monday.