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Prices of edible oil, sugar, flour prices higher in Bangladesh than international market

51The prices of imported edible oil, sugar and flour are higher in Bangladesh despite a drop in the international market.

The disparity became evident in reports of Bangladesh Tariff Commission (BTC) and Trading Corporation of Bangladesh (TCB).

According to the last report of BTC, the price of crude soybean oil in the international market was 32 per cent less on Apr 6 than it had been the same time last year.

The price of palm oil also fell by 20 per cent in this period while wheat dropped 24 per cent.

The prices of crude sugar and refined sugar lessened 26 per cent and 51 per cent respectively.

According to TCB, refined soybean oil price was 14 per cent less than it was a year ago in Bangladesh. The price of palm oil dropped 20 percent.

The highest drop in price of sugar was four per cent and of flour seven per cent.

According to the tariff commission, a ton of crude soybean oil was sold at Tk 64,408 in the international market on Apr 6. The price was Tk 94,643 per ton a year ago.

A ton of palm oil was sold at Tk 52,594 compared to Tk 65,742 a year ago.

A ton of refined sugar is being sold at Tk 33,230. It was priced Tk 67,568 a year ago. Crude sugar is priced Tk 26,975 a ton compared to Tk 36,484 a year ago.

Wheat, sold Tk 26,680 a ton a year ago in the international market, is now Tk 20,304 a ton.

The tariff commission calculated the prices at Tk 79 to a dollar.

Seven companies in Bangladesh refine edible oil and sugar. The number of companies distributing flour is 10-12.

They fix the prices for the local market by adding the costs to import, refine, package, market and the profit.

A marketing officer of a company that refines edible oil and sugar admitted that the drop in prices in the international market in the past year did not reflect on commodities in Bangladesh.

The official, seeking anonymity, said the supply was hampered due to a blockade and shutdowns called by the BNP-led alliance.

“Besides, transport cost and port demurrage increased,” he added.

The tariff commission said that there was a possibility of reworking the prices and step should be taken in this regard immediately.