Wholesale price yet to impact retail markets

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The falling wholesale prices of rice over the last couple of weeks are yet to make any considerable impact on its retail prices.

Meanwhile, crowds at fair price outlets of Bangladesh Rifles (BDR) in the capital are growing day-by-day following the closure of open market sale (OMS) programme of food directorate on April 30.

Col Mujibul Haq, BDR commander in Dhaka, said they are selling about 650-700 tonnes of rice everyday at 75 outlets in the capital.

The wholesale prices of fine rice including Miniket, BR-28 and Parija that reached the market recently came down by Tk 170-200 per maund in the last two weeks. These varieties are now selling for Tk 1,130 to Tk 1,400 per maund (37.32 kg) as opposed to Tk 1,300 to Tk 1,600 per maund two weeks back.

The wholesale prices of coarse rice such as Irri-8 also fell by Tk 100 per maund. This variety now sells at Tk 1,050-1,060 per maund — down from previous rate of Tk 1,170-1,200.

However, the price of another coarse variety, Guti (old), remained at Tk 1,200 per maund at wholesale markets for the last 25 days.

The retail price of fine rice came down by Tk 2-4 per kg while the price of coarse rice dropped by Tk 1 per kg in the last two weeks in the capital.

At city retail markets, the minimum price of coarse rice was Tk 33 while fine rice was Tk 43.

Retailers said sale of rice plummeted significantly during the last two weeks and they could not sell rice at lower prices since they had purchased it at higher rates.

Wholesalers at Badamtoli, Babubazar and Mohammadpur Krishi Market said though the new rice has been getting to the markets from rural areas everyday, their sales are not satisfactory. For this reason, many of them stopped procuring the new rice, they added.

Masud Rana, manager of Ekota Rice Agency at Mohammadpur Krishi Market, said his agency also stopped purchasing new rice a couple of days ago due to low sales and falling prices. The agency will not procure more rice until the prices of the commodity stabilise, he added.

The Daily Star correspondent during a visit to different retail markets noticed many retailers were selling the low-priced new rice at higher prices to unsuspecting customers, telling them that the rice was from the old stock.

A few of the retailers were seen selling Miniket at Tk 44-45 per kg although its wholesale price is down to Tk 37 a kg.

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