Bashir Almamun: The edible oil market in Chaktai-Khatunganj, the city’s largest wholesale market for consumer goods, has again become volatile. The sale of DO is suddenly going on a rampage. Edible oil has increased up to two hundred taka per maund in the last two days. DO sales were volatile throughout the day on the pretext of dollar scarcity and rise in edible oil prices in the global market. Along with this, the price of consumer goods has also increased. Wholesalers and retailers are confused.
President of Chaktai-Khatunganj Artdar and Business Association. Jahangir Alam said, “The market has become unstable due to the manipulation of DO traders. The market has suddenly become bullish on the pretext of increasing the price of edible oil in the world market due to shortage of dollars in banks due to opening of new LCs (letters of credit).
On Thursday (November 3) Khatunganj, it can be seen that the DO of palm oil has been rising and falling since morning. It is the middlemen who go around in the market and sell the DOs. From 4 thousand 600 or 4 thousand 650 taka in the morning, it gradually increased to 4 thousand 730 taka. The rest are sold at a higher price. But as the evening approached, the market fell. Each maund (37.320 kg) is sold at the rate of 4 thousand 680 taka. The same is the case with soybean oil. Soybean oil DO increased to 6 thousand 670 taka. The rest are sold at higher prices. In the evening it was sold for 6 thousand 550 rupees. Traders indicated that the price may increase further. Big trader of edible oil in Khatunganj. Alamgir Parvez said, “The price of edible oil has increased due to the increase in the price of the dollar and the increase in the booking rate in the world market.” Referring to the increase in the price of two and a half dollars per maund in the world market, Alamgir Parvez said that this has affected the wholesale market. He said that the price of palm oil in the domestic market also fell to Tk 3200-3500 per maund due to the reduction in the price of edible oil in the global market.
Meanwhile, the prices of all consumer goods are increasing in the wholesale market of Khatunganj along with edible oil. The price of sugar has already increased. Now the prices of onion, ginger, garlic and garam masala have been added to this list. Businessmen say that the booking price of consumer goods in the world market is higher. So ride the market. Besides, commercial banks are also giving less permission to open LC. On the same day, it was found in Khatunganj that the wholesale price of regular sugar has increased by 1 thousand 180 taka and now it is being sold at 3 thousand 680 taka. Lentils are being sold at Tk 92 per kg with an increase of Tk 2, Peas at Tk 60 per kg with an increase of Tk 3. On the other hand, Indian wheat increased by 80 taka and is currently selling at 1,650 taka. Besides, cardamom has increased by 85 taka to 1 thousand 265 taka, cinnamon has decreased by 20 taka to 300 taka, cloves have increased by 100 taka to 1 thousand 80 taka and cumin seeds have increased by 2 taka and are sold at 460 taka. Apart from this, the price of onion has increased by Tk 12 per kg and is now being sold at Tk 48 and ginger has increased by Tk 10 per kg and is now being sold at Tk 140. Turmeric has increased by Tk 20 to Tk 130 per kg and Indian chilli has increased by Tk 20 to Tk 460 per kg.
Meanwhile, an importer from Khatunganj, on condition of anonymity, said that the letter of credit (LC) has not yet been opened due to the instability of the dollar market in the middle. However, due to the slight fall in the dollar, there is no positive response from the banks when traders want to open LCs for importing goods. Many are not able to import enough consumer goods due to not getting permission to open LC. If you want to know, General Secretary of Chaktai Khatunganj Artdar General Traders Welfare Association. Mohiuddin said, currently the booking rate has increased in the world market. In addition, due to the Ukraine-Russia war situation, the transportation of food grains through the Black Sea has decreased. On the other hand, commercial banks are offering less LCOs. The reason for these issues is mainly market riding.
