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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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National Anthem Change not Contemplated: Religious Affairs Adviser
Religious Affairs Adviser AFM Khalid Hossain said, there is no thought of changing the National Anthem of Bangladesh. The interim government will not do anything that creates controversy.
He said this before attending an exchange of views with representatives of all religions at the Rajshahi Islamic Foundation on Saturday (September 7)
noon.
Regarding the attack on religious places of worship, the Religious Affairs Adviser said that attacks on mosques, temples, and shrines are illegal, those who attack religious places of worship are enemies of humanity. They will be punished according to the prevailing law.
Apart from this, for the security of Durga Puja, the temple will be guarded by involving the local general public as well as Madrasa students in puja. So that there is no attack or sabotage. Madrasa students were not involved in any kind of militancy. It is a conspiracy and propaganda of the previous government.
Regarding the threat of a Hindu attack on the Bangladesh cricket team, the Religious Affairs Adviser said, "We want friendly relations with India as a neighboring country." We heard the news of the attack on our cricket team in India. Since BCB is there, they will decide what to do about it.
He also said that after the change of government, the houses of some Hindu followers were attacked, as well as the houses of Muslims. There is no way to see it differently. This government is for all, determined to ensure everyone's safety.
Public Notice to Be Issued in Search of Victims of Enforced Disappearances
A decision has been made to issue a public notice to help trace missing persons. This resolution was reached during the inaugural meeting of the commission formed to investigate disappearances, held on Sunday, September 8. The meeting took place at the commission's office on Gulshan Avenue in the capital, presided over by Commission President Justice Moinul Islam Chowdhury.
According to the release, a five-member Commission of Inquiry has been formed to trace individuals who have been forcibly disappeared by any law enforcement or security agencies, including the Coast Guard. The commission, which includes representatives from various government agencies such as Bangladesh Police, Rapid Action Battalion (RAB), Border Guard Bangladesh, Criminal Investigation Department (CID), Special Branch, Intelligence Branch, Ansar Battalion, National Intelligence Agency (NSI), Defense Force, and the Directorate General of Defense Intelligence (DGFI), convened for its first meeting at 11 am on September 8 at the commission's office in Gulshan. The meeting was chaired by Justice Moinul Islam Chowdhury, the commission's president.
During the meeting, it was decided that a public notice would be issued to aid in the search for the missing persons. The commission will operate daily from 10 am to 6 pm, excluding public holidays.
The commission was established on August 27 by the Cabinet Division under the President's directive, with former High Court Judge Moinul Islam Chowdhury appointed as its head.
No Harm to Depositors as Deposit Insurance Doubles: Governor Mansur
Bangladesh Bank Governor Dr. Ahsan H. Mansur has assured depositors that their savings are secure, even as several banks struggle with financial challenges.
During a press conference on Sunday, September 8, the governor acknowledged that approximately 10 banks in the country are facing serious difficulties but stressed the need to restore customer confidence by protecting 95% of depositors.
Highlights:
Deposit Insurance Increase: The deposit insurance has been doubled from Tk 1 lakh to Tk 2 lakh.
Depositor Protection: The new insurance scheme ensures protection for 95% of depositors.
Banks Facing Challenges: Approximately 10 banks in the country are facing serious financial difficulties.
Available Fund: Bangladesh Bank has a fund of Tk 25,000 crore, mainly to support the SME sector.
"No matter the condition of the banking sector, depositors will not be harmed," Dr. Mansur said. "To safeguard them, the deposit insurance has been doubled from Tk 1 lakh to Tk 2 lakh, ensuring the protection of 95% of customers. No country offers 100% protection for deposits, but we are providing 95%."
He further noted that Bangladesh Bank has a Tk 25,000 crore fund available for banks, primarily to support the SME sector. Banks have been asked to submit written requests to access these funds.
Additionally, Dr. Mansur clarified that no bank accounts belonging to Beximco or S Alam Group have been seized, and the operations of these companies will continue as usual.
ACC Teams Up with FBI to Recover Smuggled Billions
The Anti-Corruption Commission (ACC) has intensified efforts to recover nearly one lakh crore taka smuggled abroad during Sheikh Hasina’s regime. Both domestic and international agencies are assisting in the investigation, including the United States' Federal Bureau of Investigation (FBI).
As part of this collaboration, an FBI team, led by Legal Attache Robert Cameron and Supervisory Special Agents, will visit Bangladesh on Monday (September 9) to meet ACC officials, including the Director General of the Money Laundering and Legal Branch.
An unnamed ACC Director General shared that the ACC has long been committed to combating money laundering, with notable success in recovering smuggled funds. During the meeting with the FBI, the ACC plans to discuss potential collaboration and the formation of a joint task force to expedite the recovery process.
The ACC remains in regular contact with international law enforcement, including the FBI, to enhance its efforts.
On Sunday (September 8), after a meeting at the Ministry of Commerce, Interim Government Finance and Trade Advisor Saleh Uddin Ahmed announced plans to form a special task force dedicated to recovering smuggled funds.
The task force will include representatives from key institutions such as Bangladesh Bank, the Bangladesh Financial Intelligence Unit (BFIU), the Finance Department, the Attorney General’s Office, and the National Board of Revenue (NBR).
Additionally, separate task forces will address reforms in the banking sector and other areas.
Govt Decides to Scrap Unnecessary Projects to Cut Costs
Wahiduddin Mahmud, Planning Advisor to the interim government, has stated that unnecessary projects may be cut to help address the country’s economic crisis, which could impact megaprojects as well. He noted that the Awami League government prioritized development projects as a key tool for visible progress, despite repeated warnings from economists to reduce emphasis on such projects.
Over the past decade, the Sheikh Hasina government invested heavily in infrastructure development, with large-scale projects becoming prominent and delivering some benefits to the public. However, many of these projects have raised concerns over excessive costs. In some cases, Bangladesh’s megaprojects are not only among the costliest in Asia but also globally. The interim government now seeks to bring attention to these overlooked issues.
According to Planning Commission sources, the Rooppur Nuclear Power Project has been given more importance in the Annual Development Program (ADP) of the current financial year 2024-25. The allocation of this project is Tk10,502 crore. Russia's foreign debt is included here.
Projects that have been given importance in the Annual Development Program (ADP) of the current financial year 2024-25:
Rooppur Nuclear Power Project
Metro Rail Line-6 project
Metro Rail Line-1 project
Metro Rail Line-5 Northern Route Project
Bangabandhu Sheikh Mujib Rail Bridge
Allocation and expenditure highlights:
Rooppur Nuclear Power Project: The allocation of this project is Tk10,502 crore. Tk64,925 crore has been spent on this project till June 2023.
Metro Rail Line-6 project: The allocation of this project is Tk1,975 crore. Tk20,757 crore has been spent so far.
Metro Rail Line-1 project: The allocation of this project is Tk1,942 crore. Tk1,585 crore has been spent so far.
Metro Rail Line-5 Northern Route Project: The allocation of this project is Tk41,239 crore. Tk1,812 crore has been spent so far.
Bangabandhu Sheikh Mujib Rail Bridge: The allocation of this project is Tk2,560 crore. Tk500 crore has been spent so far.
These projects have loans from various organizations including Japan. Tk3,544 crore allocated for rail connection project at Padma Bridge. China is lending to implement it. Tk1,453 crore was allocated for the Dohazari-Ramu-Ghumdhum railway project. So far the expenditure is Tk7,172 crore. Its implementation includes loans from China and the Asian Development Bank (ADB).
Some of the other notable projects are:
Matarbari Port Development
Payra Port Infrastructure Development
Support to Dhaka Elevated Expressway
Construction of Dhaka-Ashulia Elevated Expressway
SASEC Link Road Project: Elenga-Hatikumrul-Rangpur Highway Project Upgradation to Four Lanes.
The interim government has already started the effort to rein in spending. The planning ministry has started reining spending money in the name of development projects. 13 proposals of some ministries have already been sent back. Due to the dissolution of the Parliament, almost a thousand crore of bulk allocation for MPs has already been saved. Alternative financing of mega infrastructure is also being considered. The development budget may be cut due to rational reasons to save money.
It is reported that the projects sent back by the Ministry of Planning include:
Chilmari river port
Matarbari port development
Kalurghat rail and road bridge
Rangpur City Corporation road development
Faridpur-Barishal-Kuakata highway
Besides remittances, the cost of Chattogram-Cox's Bazar Highway Improvement Project, Chattogram-Dohazari Dual Gauge Railway, and Metrorail Line 1 and Line 5 projects are being scrutinized.
The interim government is also going to reduce the national budget. It will cut many allocations of luxury development imagination. Research director of CPD Khondaker Golam Moazzem thinks that this policy of cost reduction is supportable. He said that planning expenses and the purchase of vehicles and equipment should be reduced. A huge amount of money is kept for projects in the name of investment.
The Executive Committee of the National Economic Council (ECNEC) has already been reconstituted with the chief advisor as chairperson.
Dr Wahiduddin Mahmud, planning advisor recently said that numerous projects were taken up for constituencies. Many of those are still ongoing. A lot of people are waiting to go. They are being evaluated whether they have priority or not and how much benefit they will bring. Low-priority projects are being cut on project cost reduction.
Emdad Ullah Mian, Member (Secretary) of the Physical and Infrastructure Department of the Planning Commission, stated that project approvals and funding allocations will be made considering the current economic conditions. He mentioned that a meeting will be held with the Interim Government's Planning and Finance Advisor to discuss mega projects and other initiatives. All actions will follow the policies set by the current government. As of now, there has been no decision on whether any projects will be canceled. The Commission will proceed based on the advisor’s directives.
90pc Area of Cox's Bazar City Submerged
90 percent area of the tourist city of Cox's Bazar has been submerged due to 12 hours of continuous heavy rain. The goods of many shops have been damaged due to water entering the shop. Many people have suffered greatly as hundreds of houses have been submerged in water.
On Friday (September 13) afternoon, it was seen that there was waterlogging in most areas including Kolatali, Bazarghata, Tekpara, Bus Terminal, Kalur Dokan, Buddho Mondir road in the tourist zone of Cox's Bazar city. This is disrupting the traffic in the city. As a result, many people are suffering.
Local public representatives and residents said that the rain started at 9 am on Thursday, but the heavy rain started at 12:30 pm. After that, heavy rain for 12 hours till 12:30 am stopped the work of eight lakh people in the entire city. No one has seen such heavy rainfall in the last 50 years.
President of Cox's Bazar Citizen Forum Helal Uddin said that he had never seen such heavy rain in his life. About 90 percent of the town has been flooded due to rains. As a result, people have suffered greatly.
Babul Barua, a resident of the Pahartali Bailla neighborhood of the city, said that due to continuous rains, three roads of Pahartali have sunk and water has entered hundreds of houses and five educational institutions. As a result, women and children are suffering.
Akhtar Kamal, councilor of ward number 1 of the municipality, said that hundreds of houses in ward number 1, Samiti Para, Kutubdia Para, Fadnardale, Mostaika Para, Bandar Para, North Nuniachhata have been submerged in rainwater. As a result, thousands of people are facing a shortage of food and drinking water as cooking is stopped.
Abul Kashem Sikder, President of Cox's Bazar Hotel-Motel, Guest House Owners Association, said that waterlogging occurs in the hotel-motel zone only when it rains heavily. Then the tourists suffered a lot. There is a slowdown in business. Due to the cutting of the hill, the rainwater has flowed down and filled the water channel. As a result, water cannot be drained quickly causing waterlogging. Heavy rains in July last year also led to waterlogging across the city.
Additional District Magistrate Ataul Gani Osmani said that hundreds of villages of Cox's Bazar are submerged in water due to continuous rain. The district administration is working to evacuate those who are living at risk at the lower part of the hill.
Meanwhile, the Meteorological Department informed that under the influence of active monsoon winds, deep circulating clouds have formed in the coastal areas of the North Bay of Bengal and Bangladesh. Due to its effect, gale-force winds may blow in the coastal areas and seaports of Bangladesh. Local warning signal number 3 has been asked to be displayed at four sea ports including Cox's Bazar.
Abdul Hannan, the assistant meteorologist of Cox's Bazar Meteorological Office, said, Cox's Bazar Meteorological Office has reported that 501 mm of rainfall has been recorded from Thursday 3 pm to Friday 3 pm, which is the highest rainfall record in the current season.
On the other hand, the risk of landslides has increased due to heavy rains. Meanwhile, 6 members of two families died in separate incidents of landslides in South Dikkul of Cox's Bazar Sadar and Hakimpara Camp No. 14 of Ukhiya on Friday morning.
Hilsa not to Export in India During Durga Puja: Farida Akhter
Farida Akhter, advisor on fisheries and livestock to the interim government said, "We apologize, but we cannot send any hilsa to India."
In an interview given to Indian media on Friday (September 13), the advisor said, "We have seen even people in our country can't eat hilsa." Because all are sent to India. Those remains are too expensive. We also celebrate Durga Puja. Our people will also enjoy to eat hilsa.
Advisor Farida Akhter said it will be ensured that Hindus and other citizens of Bangladesh can eat hilsa during this year's Durga Festival. The people of the country will be given priority over India.
Every year, former Prime Minister Sheikh Hasina used to send 4000 tons of hilsa to India during Durga Puja. Criticizing her initiative, advisor Farida Akhter said there was no need to send fish to India. It was not her right to send fish because of good relations with India. She ignored the needs of the people of Bangladesh.
The fisheries advisor said India does not need to create any issues with Hilsa. If they want good relations with Bangladesh, they should resolve the issue of Teesta water sharing.
Earlier, on September 3, Farida Akhter, while exchanging greetings with the Fisheries and Livestock Journalists Forum (FLJF), an organization of fisheries and livestock journalists, said that no hilsa fish will go from Bangladesh to India on the occasion of Durga Puja. Apart from this, we do not want to import any meat. Now lakhs of farmers are involved in cattle rearing.
The advisor said, "Hilsa will be exported abroad after satisfying the needs of the people of the country. The people of Bangladesh will not get hilsa, and it will be exported, that cannot happen. As a result, I have asked the Ministry of Commerce to ensure that no hilsa goes to India even during Durga Puja."
