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Imports Outpace Demand, Yet Edible Oil Prices Soar
Rtv News
06 Oct 2024, 13:14
Photo: Collected
In the past month, the open soybean and palm oil prices have increased abnormally in the Bangladeshi market. During this period, the price of soybean oil increased by Tk10 per liter and the price of palm oil increased by a maximum of Tk15 per liter. However, the price of bottled edible oil remains stable.
Traders say that the reason for that is the increase in prices in the international market. Also, due to low supply, prices have increased.
However, according to the sources of the Ministry of Commerce, more edible oil has been imported in the fiscal year 2023-24 compared to the demand in the country. In this financial year, crude edible oil has been imported at 23,00,000 tonnes. Production in the country is 2,50,000 tonnes. The total demand for edible oil in the country is 2.2 million tonnes.
Trading Corporation of Bangladesh (TCB) market monitoring report on Saturday (October 5) revealed that open soybean oil was sold at Tk151 to Tk155 per liter. Last month it was sold at Tk145 to Tk152. Palm oil sold at Tk137 to Tk142 on Saturday, compared to Tk135 from Tk130 last month.
Edible oil trader of Karwan Bazar Md. Majidul Islam said that the price of soybean oil has increased by Tk10 per liter and the price of palm oil has increased by Tk15 per liter. Oil companies have said that due to the increase in the price of oil in the world market, it has also increased in the country.
Nazrul Islam, another businessman said that a few months ago, the price of a barrel of 204 liters of open soybean oil was Tk29,000. That is, per liter was Tk142.16. At present one barrel of soybean oil has to be bought for 31,000. That is Tk151.96 per liter.
Earlier, the price of palm oil per barrel was Tk25,000. According to this, the price per liter was Tk122.55. Currently, each barrel is being sold at Tk29,750. That is, the price per barrel has increased by Tk4,750, per liter has increased by Tk23.28.
A handful of companies supply edible oil to the country's market, including City, Meghna, S Alam, TK, Shabnam, Bashundhara, and Butterfly Group.
Earlier, S Alam Group used to sell SO (Supply Order) at relatively low prices without delivering the product. Now the company's imports have reduced.
Bashundhara Group Director (Marketing) Redwanur Rahman said, "The price of palm oil has set a record in the world market. Over the past 20 years, palm oil has outperformed crude soybean oil. In the world market, crude soybean oil is being sold at $1,100 per tonne and palm oil is being sold at $1,125.
He said, "When there is a supply crisis, the price of products increases. In a competitive market, there is no scope for the price to rise when the supply of the product is high."
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SSC Form Fill-up Fee Increased
The form-filling fee for students appearing for the 2025 SSC and equivalent examinations has been increased. According to the new decision, the fee for each category (Science, Commerce, and Humanities) has increased by Tk100 compared to last year (2024).
The form-filling process will start from next Sunday (December 1). This process will continue until December 9 without a late fee.
This information was revealed from the complete form-filling notification recently published by the Dhaka Secondary and Higher Secondary Education Board. The same fee has been fixed for other general education boards as well.
According to the notification of the education boards, students will be able to fill out the form online from December 1 to December 9 without a late fee.
The last date for submitting the online fee without a late fee is December 10. If the form cannot be filled within this period, the candidates will be able to fill the form by December 14 by paying a fine of Tk100. The last date for submitting the late fee is December 15.
In addition, the fee for all categories has been increased by Tk100 compared to last year. Like every year, separate fees have been fixed for the Science, Humanities, and Business Education departments.
The maximum fee for students in the science department will be Tk2,240 this year. Last year, the maximum fee set for students in this department was Tk2,140. Similarly, the fee for the humanities and business education departments has been set at Tk2,120. Last year, i.e., in the 2024 SSC examination, this fee was Tk2,020.
The boards have informed us that this fee for filling out the form also includes practical tests and center fees. Moreover, no matter when the examination is held, no more than 24 months of salary and session charges can be charged to students in combined classes of 9 and 10.
Gold Prices Suddenly Volatile, Reason Revealed
There has been a sudden surge in the price of gold in the global market. Accordingly, the price of this precious metal can increase at any time in the domestic market.
On Friday (November 29), at around 5:15 pm, the price of gold per ounce was at $2,662.02 in the spot market. The price has increased by $21.18 per ounce or 0.79 percent in a day.
Analysts claim that the new devastating Russian missile attack in the Russia-Ukraine war and the allegations of ceasefire violations between the Israeli armed forces and the Iran-backed Hezbollah have caused uncertainty among investors. Investors are choosing gold as a safe investment. Livemint reports.
Jatin Trivedi, VP Research Analyst at LKP Securities, said, 'There was significant volatility in the price of gold on Friday. Although the precious metal was initially low, the renewed tension in the Russia-Ukraine conflict has increased demand for gold as a safe-haven investment. Currently, immediate support is at $2,662 (a support level is a price at which demand for the metal is so strong that it resists a decline) and resistance is at $2,655 to $2,665. If the resistance is broken, the price of gold can reach $2,690. And if it falls below $2,620, the price can deteriorate to $2,580.'
Anuj Gupta, Head of Commodity and Currency, HDFC Securities, said regarding the Israel-Hezbollah ceasefire violation, 'The demand for gold has increased again due to the allegations of ceasefire violations between Israel and Hezbollah along with the Russia-Ukraine war. Investors are currently looking at gold as a safe alternative.'
Meanwhile, the Bangladesh Jewellers Association (BAJUS) increased the price of gold on Wednesday (November 27) evening and set a new price. According to the new price, the price of 22-carat gold will be Tk138,708. 21-carat gold will be Tk132,398 per bhori. 18-carat gold will be Tk113,491 per bhori. The price of gold per bhori according to the traditional method is Tk93,160.
The decision to increase or decrease the price of gold on behalf of BAJUS was taken by the BAJUS Standing Committee on Pricing and Price Monitoring Committee. A member of this committee said, 'The decision to increase or decrease the price of my gold is taken based on the international market as well as the local market. If the price of mature gold increases in the local market, it is natural to decide to increase the price. On the other hand, if the price of mature gold decreases, the decision to reduce the price is taken. The global market price picture affects the price of pure gold.'
Panchagarh Records Season's Lowest 10.4°C as Winter Intensifies
The cold of winter has intensified across the northern districts, with temperatures dropping to 10.4°C in Panchagarh, the country's northernmost region.
At the same time, the surrounding areas of the district are covered in a blanket of fog from late night to morning. The people of the district have started shivering in the intense cold.
The Tetulia Meteorological Office recorded the season's lowest temperature of 10.4°C at 6 am on Saturday (November 30). The lowest temperature on Friday was 11.3°C.
Jitendra Nath, an assistant officer at Tetulia Meteorological Observatory, confirmed the matter to the media.
Meanwhile, winter-related diseases have increased. Especially children and the elderly are being affected by various winter-related diseases including colds, coughs, asthma, and pneumonia. Treatment is underway at Panchagarh Modern Sadar Hospital and Tetulia 50-bedded Hospital and other health centers.
Jitendra Nath said, "The temperature was recorded at 10.4°C at 6 am on Saturday, down from 11.4°C on Friday. During the Paush and Magh months, temperatures here tend to drop significantly. We expect the mercury to fall further as winter progresses."
UK Properties Worth Millions Linked to Hasina's Inner Circle
Following the fall of Sheikh Hasina's government on August 5 amid a mass uprising of students and citizens, shocking revelations have been surfacing one after another. In this context, significant properties belonging to close associates of the deposed Prime Minister, including former ministers and MPs, have been discovered in the United Kingdom. Reports indicate that over £400 million (approximately BDT 6,000 crore) has been invested in the UK real estate sector, with all the money allegedly laundered from Bangladesh.
On Saturday (November 30), The Guardian, a prominent UK media outlet, published an investigative report revealing these findings.
Earlier, British media The Observer (a sister publication of The Guardian) and Berlin-based anti-corruption organization Transparency International conducted a joint investigation into the matter.
According to the report, nearly 350 properties associated with Sheikh Hasina’s close circle have been identified in the UK. These range from apartments to sprawling mansions. Most of these properties were purchased under the names of offshore companies based in the UK and abroad.
Notable owners include former Private Industry and Investment Adviser Salman F. Rahman and members of the family of Ahmed Akbar Sobhan, chairman of the Bashundhara Group. Additionally, former Land Minister Saifuzzaman Chowdhury, Chairman of NASSA Group Nazrul Islam Mazumder, and their families own a significant portion of these assets.
The report states that members of Salman F. Rahman’s family own seven luxury apartments in London’s Grosvenor Square, most of which were purchased through offshore companies. In March 2022, Salman’s son Ahmed Shayan F. Rahman reportedly purchased an apartment there for £26.75 million. He also owns a flat in the area valued at £35.5 million.
Additionally, another family member, Ahmed Shahriar Rahman, owns four properties in and around Grosvenor Square worth £23 million, also acquired through offshore companies.
Lawyers for Shayan Rahman and Shahriar Rahman have claimed that all the properties were purchased in full compliance with anti-money laundering laws and financial regulations.
Salman F. Rahman, Vice Chairman of Beximco Group, is currently in custody in Bangladesh, facing allegations of money laundering. Bangladesh’s Criminal Investigation Department (CID) is investigating the charges, and the Financial Intelligence Unit (BFIU) of the central bank has frozen his and his family’s bank accounts.
According to the report, citing the UK’s Land Registry, former Land Minister Saifuzzaman Chowdhury and his family own over 300 properties in the UK valued at at least £160 million.
In September, Al Jazeera published an investigative report titled "The Minister’s Millions," which revealed that Saifuzzaman Chowdhury’s overseas properties are valued at an estimated $500 million. The BFIU has since frozen his bank accounts in Bangladesh, and the court has ordered the confiscation of his family’s immovable assets. He is also under a government-imposed travel ban, with the Anti-Corruption Commission (ACC) launching an investigation into his alleged acquisition of illicit wealth.
Beyond politicians, wealthy and influential Bangladeshi businesspeople also own properties in the UK. In Surrey, members of Bashundhara Group Chairman Ahmed Akbar Sobhan’s family reportedly own two properties purchased for £13 million through offshore companies. During a site visit, The Observer discovered a mansion owned by one of Sobhan’s sons.
On October 21, the government imposed a travel ban on Ahmed Akbar Sobhan and six of his family members and froze their bank accounts.
NASSA Group Chairman Nazrul Islam Mazumder is also under investigation for money laundering. Authorities in Bangladesh are probing how he and his family purchased five properties worth £38 million in London’s Kensington area.
In the wake of the Awami League government’s fall, an interim government led by Nobel laureate economist Dr. Muhammad Yunus has undertaken various reforms. The interim government is also striving to recover funds lost to corruption during the previous administration. Media reports have already uncovered massive overseas properties linked to many former ministers, MPs, and even non-political figures. A significant portion of this laundered wealth appears to have ended up in the UK.
Tourist Ship Services Begin on Cox's Bazar-Saint Martin's Route
After a long closure of more than nine months, tourist ships have resumed their operations on the Cox's Bazar-Saint Martin route.
On Sunday (December 1), at around 10 am, a ship named "Bar Aulia" departed from the BIWTA terminal in Cox's Bazar, carrying 620 passengers to the island.
Hossain Islam Bahadur, general secretary of the Sea Cruise Operators Owners Association of Bangladesh, confirmed the resumption of ship operations.
He said that today the first day of the resumption of ship operations on the Cox's Bazar-Saint Martin route, the ship Bar Aulia left for Saint Martin with 620 passengers.
Nilufa Yasmin Chowdhury, the Saint Martin Tourism Management Committee convener and Cox's Bazar Sadar Upazila Nirbahi Officer (UNO) said the first ship departed successfully, and authorities inspected all arrangements.
It is worth noting that due to the recent navigability crisis in the Naf River and the lack of security due to shelling on the Myanmar border, ships are not being allowed to sail from Teknaf for the time being. Currently, only Cox's Bazar is approved as a departure point.
The government permits ship operations on the Teknaf-Saint Martin and Cox's Bazar-Saint Martin routes from October to March each year. Ships are closed for the remaining six months due to rough seas.
On November 19, a separate office order signed by Sabrina Rahman, Senior Assistant Secretary of the Ministry of Environment, Forest and Climate Change, formed a committee to control tourism in Saint Martin and gave some guidelines on the movement of ships from Cox's Bazar to Saint Martin.
This year, to protect the island's environment, the government has introduced a cap on tourist numbers. Travelers must now register through an app provided by the Ministry of Tourism before visiting Saint Martin's Islam.
The hotels where tourists will stay after reaching St. Martin's Island will be recorded and stored in the register. Billboards will be installed at the ship's departure point and at the entry point of Saint Martin including the do's and don'ts for tourists.
The Cox's Bazar office of the Department of Environment will coordinate the overall issues and communication. The committee can increase its members if necessary to facilitate its work.
Gold Price Today (December 3)
Since gold is an imported material, its price tends to fluctuate almost daily in Bangladesh. The price is determined accurately by the Bangladesh Jewellers Association (BAJUS). The latest prices of gold in Bangladesh as of December 3, 2024, are as follows:
The price of per bhori (11.66 grams) of 22-carat gold is 137,227 BDT.
The price of per bhori of 21-carat gold is 130,998 BDT.
The price of per bhori of 18-carat gold is 112,289 BDT.
The price of per bhori of traditional gold is 92,134 BDT.
These prices were last updated on Sunday, December 1, 2024, by Bangladesh Jewellers Association (BAJUS).
India Should Acknowledge Bangladesh's New Reality: Mahfuz Alam
Interim government adviser Mahfuz Alam has stated that India must recognize Bangladesh's new reality and unequivocally acknowledge the July uprising and the democratic struggle of students and citizens in Bangladesh. He emphasized that this recognition should be the starting point. Ignoring the July uprising while shaping the foundations of the new Bangladesh would harm relations between the two countries.
He expressed these views in a verified Facebook post on Wednesday, December 4, at around 6:00 AM.
In his post, Mahfuz Alam urged India to move beyond its post-1975 playbook and embrace the new reality in Bangladesh. He stressed that this is no longer the post-1975 scenario.
He described the July revolution as a democratic, generational, and responsible movement, which will persist for a long time.
"The people of Bangladesh are no longer the same; they are now united and dignified. They will fight for their honor until their last breath," he wrote.
Alam warned that some India-friendly factions within Bangladesh assume the situation will stabilize and believe that ignoring the July revolution and the atrocities of the fascists will have no repercussions. "This is a misconception," he said. "People are watching everything!"
He accused Indian agencies of attempting to portray the July revolution as a power grab by militants, anti-Hindu forces, and Islamists. However, he noted, such propaganda and provocation are failing.
The adviser further wrote that slogans like "Delhi or Dhaka? Dhaka, Dhaka!" and "Homeland or Martyrdom!" are echoing across every corner of the country, uniting Bangladesh as a singular entity.
He cautioned India against turning this unified, dignified, and democratic Bangladesh into an adversary.
Highlighting that Bangladeshis are enjoying democratic rights without obstruction for the first time in nearly two decades, he stated, "Truth has emerged... and falsehood will be destroyed. Forever!"
Expressing firm resolve, Mahfuz Alam declared, "After 1971, we failed as a state. But not this time! Trust in Allah!"
