Business Today

The price of rice has decreased by Tk 2 to Tk 4 per kg

Rice prices have started to come down in Naogaon Mokam due to increase in Aush paddy in the market and OMS and food friendly programs. A week ago, coarse rice was sold at Tk 55 per kg. Now that rice is being sold at 50 taka. Apart from this, the price of medium and fine rice has decreased by two to three rupees per kg. As a result, the upward trend in the price of rice, which had been going on for several weeks, has come down.

Earlier in the beginning of last August, due to the increase in the price of fuel oil, the traders increased the price of all types of rice by 5 to 7 taka per standard on the pretext of increasing the cost of transportation. However, the price of rice has started to fall as the import duty on rice was cut on August 30 and the government launched OMS and food-friendly programs from Wednesday to ease the suffering of the poor.
Talking to mill owners and rice dealers, it is known that after the announcement of reducing the import duty of rice, the formash (order) of rice produced by the mill has started to decrease. Many have canceled the previous forms. Apart from this, the demand for rice in the retail market has decreased as OMS and food friendly programs have been launched across the country from Wednesday. As a result, retail rice sellers have also reduced the purchase of rice from Mokam. Imported rice has already started arriving in the open market.
Saru rice miniket (shorter cumin) was sold at Tk 64 per kg at Naogaon Mokam today Saturday. Last week this rice was sold at 66 rupees. Apart from this, the price of non-shorter cumin rice, also known as narrow rice, has decreased by two taka per kg compared to last week and was sold at taka 60. The price of Katari rice decreased by three taka per kg and was sold at taka 63. Apart from this, the price of coarse rice Bri-28 and Bri-49 rice has decreased by four taka per kg and is currently being sold at taka 49-50.

Toufiqul Islam, general secretary of Bangladesh Auto Rice Mill Owners Association and owner of two rice mills in Naogaon Sadar Upazila, said that the government has reduced the import duty to control the rice market. Import of rice has already increased due to reduction in duty. Apart from this, OMS and food friendly programs have been launched. Due to these natural reasons, the rice market has been affected. As the sale of rice in Mokam decreased, the millers reduced the purchase of paddy from the market. As a result, the price of paddy in the market has decreased by Tk 200 per maund. Apart from this, fuel oil has been reduced by Tk 5 per liter and the transportation cost of paddy and rice has decreased to some extent. Due to these reasons, the price of rice has decreased by two to four rupees per kg.

Anwar Hossain, the owner of Mr. Ira Traders, a rice wholesaler in Alupatti Mokam of Naogaon city, said that due to the withdrawal of import duty and the introduction of government’s food-friendly program, the price of rice may fall further in the market. Many are canceling the orders they had placed earlier. In this situation, the millers are trying to sell the produced rice by reducing the price, giving up the hope of more profit. Because the millers fear that the price of rice will decrease further in the future.
Naogaon Chalkal Malik Group General Secretary Farhad Hossain Chakdar said that there are no buyers in Mokam for a week. Millers are forced to reduce prices as Mokam is without buyers day after day. The price of all types of rice has decreased by Tk 100 to Tk 200 per bag (50 kg) depending on the standard. As the new paddy hits the market in full swing and more imported rice enters the local market, the price of rice will fall further.