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Economy

Farmers suffer as dealers charging higher fertilizer prices

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Abdul Jalil, a farmer in Jamalpur, started looking for Muriate of Potash (MoP) fertiliser last week, but he found none in the nearby shops. When he managed to find it, the seller charged him Tk1,500 for a 50kg sack, which is actually priced at Tk750.

Farmers across the country said they have already been confronting a crisis of urea fertiliser, and the scarcity of MoP has worsened the situation.

Farmers in various districts, including Rangpur, Bogura, Dinajpur, Rajshahi, Jamalpur, Barishal, and Barguna, said the government recently fixed the price of a 50kg bag of urea at Tk1,100, but the sellers are charging them Tk1,300-1,400.

Sources at the agriculture ministry said there is no shortage of fertilisers in the country, but unscrupulous dealers have created an artificial scarcity to manipulate prices.

The dealers currently get Tk100 commission from a 50kg sack, and they have been demanding that it be increased to Tk200, citing the recent increase in the cost of living caused by the fuel price hike.

Mobile courts fined 383 dealers across the country Tk57 lakh on 30 August for irregularities in their operation. The highest number of dealers were fined in Jashore. The process of cancelling the licences of two dealers in Bogura and Rangpur is also going on.

Currently, there are over 5,500 fertiliser dealers across the country.

According to the agriculture ministry, the fertiliser shortage is most severe in Jamalpur, where Jamuna Fertiliser Company Ltd is located. The factory has not been in operation for over three months due to a shortage of gas. There are 257 dealers in the district, who buy fertilisers from Jamuna Fertiliser.

The dealers in Barguna and Barishal were also told to collect fertiliser from Chattogram, but they did not do it, causing a crisis.

Earlier, three factories were closed down due to a lack of gas, but now all the factories, except Jamuna, are operational, according to Bangladesh Chemical Industries Corporation (BCIC) officials.

Kazi Mohammad Saiful Islam, joint secretary and director (commercial) of BCIC, told, “There is no shortage of urea. Fertiliser is also being imported. We are providing fertiliser on demand everywhere.”

According to the sources at the agriculture ministry, BCIC and Bangladesh Fertiliser Association, there are many dealers who are not collecting fertiliser even after depositing money. Wherever the authorities concerned are aware of a crisis, they are resolving it through the intervention of the deputy commissioners. But the crisis has spread across the country in such a way that it cannot be alleviated easily.

Balai Krishna Hazra, additional secretary of the Agriculture Ministry’s Fertiliser Management and Materials Wing, told , “We have no shortage of fertilisers. Dealers who are causing trouble are being brought under the law. The licences of some of the dealers are also being cancelled.”

A senior official of the Ministry of Agriculture said on condition of anonymity that a vested quarter is trying to create instability by creating a fertiliser crisis ahead of the election.

Last Wednesday, the secretary of the Ministry of Agriculture held a meeting with deputy commissioners across the country to remedy the fertiliser crisis.

At the meeting, Agriculture Secretary Md Sayedul Islam gave instructions to field-level officials to prevent fertiliser price manipulation, artificial scarcity, and the sale of fertiliser without receipts.

He also instructed the officials to display a price list, ensure the supply of fertilisers to retailers, and visit the dealers’ warehouses to confirm the arrival of fertilisers.

The agriculture secretary further asked the officials concerned to operate mobile courts to prevent irregularities. Besides, instructions were given to the BCIC chairman to allow the delivery of fertilisers from the BCIC immediately after the agriculture ministry allocates it.

According to the Ministry of Agriculture, currently, there are 6.41 lakh tonnes of urea in stock against a demand of 3.5 lakh tonnes for the months of September and October.

There are also 4.15 lakh tonnes of TSP fertiliser against a demand of 96,000 tonnes, 9.04 lakh tonnes of DAP fertiliser against a demand of 2.19 lakh tonnes, and 2.46 lakh tonnes of MoP fertiliser against a demand of 1.21 lakh tonnes.

President of Bangladesh Fertiliser Association (BFA) Kamrul Ashraf Khan Poton told, “It is true that there have been some problems all over the country. We are also trying to normalise the situation with the government. Alongside the government, we are also monitoring the situation across the country.”

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Economy

PM Sheikh Hasina apprehended such strike by BNP-Jamaat to halt country’s prosperity

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Sheikh Hasina

Referring to the countrywide recent havoc and atrocities, Prime Minister Sheikh Hasina today said that she had an apprehension there might be a strike like this by the BNP-Jamaat clique to pull down the country’s prosperity.

“. . . they (BNP-Jamaat) had wanted not to hold the elections, but we had arranged the elections. After election they thought it wouldn’t be accepted by all, but we’ve also made it acceptable to all and we’ve formed the government. It was an apprehension to me that there would be a strike like this,” she said.

The Premier made this remarks while exchanging views with editors, senior journalists and head of news of various media outlets, organised by Editors’ Guild at her office (PMO).

She mentioned that before and after the election in 2013-14, the BNP-Jmaat clique unleashed arson attacks and killings that left hundreds of people killed and thousands injured.

“It was little bit understandable that this (the activities and movement of the students) was a grave conspiracy,” she said.

Sheikh Hasina said that she didn’t want any incident which might invite any unwanted situation that will invite instability in the country. “It was the target to destroy country’s economy,” she said.

She questioned about the understanding level of the people who supported these mayhem aiming to cripple the country’s advancement and prosperity.

Sheikh Hasina, also the chief of Awami League, said that vested quarter is highly interested to destroy country’s independence and the continuation of the democracy that is going on for long 15 years.

She again said that she never wanted to deploy army personnel in the field while the students were there for the sake of their security.

 

“While they (students) declared that they are not involved in the on going subversive activities then we called for army,” she said.

The premiers also said that she also didn’t want to impose curfew as the country is going through a democratic environment for 15 years.

She requested the people to resist those who have done this bane for the country. “They have destroyed all the structures have been built for their welfare and livelihood. They have struck all those structures. Who will be the worst sufferer? Of course, mass people. Now it is the responsibility of the mass people to resist these terrorism and militancy,” she said.

The premier called for creating mass awareness against the militancy that has opened in the destructive activities.”If the people don’t become aware then what could we do or how much we could do alone,” she said.

She also mentioned that the targets of the recent mayhem was Awami League, Freedom Fighters and pro-liberation forces.

The Prime Minister said that when all demands of the quota-free movement students were accepted why they gave scope to the militants for doing such heinous activities.

“One day the quota-free movement activists have to answer to the nation, why they gave such opportunity to them for this destruction to the country,” she said.

PM’s Press Secretary Md Nayeemul Islam Khan moderated the programme, while Editors’ Guild president Mozammel Huq Babu delivered welcome address.

Senior journalist Abed Khan, Bangladesh Pratidin editor Nayeem Nizam, DBC Editor-in-Chief and CEO Monzurul Islam, Bhorer Kagoj Editor and Jatiya Press Club general secretary Shyamol Dutta, Daily Jugantor Editor Saiful Alam, Jatiya Press Club president Farida Yasmin, Dhaka Journal chief editor Syed Istiaque Reza, Head of News Nagorik TV Dip Azad, Amader Somoy Editor Mainul Alam, Bangladesh Journal editor Shajahan Sarder, DBC news editor Zayedul Ahsan Pintu, Ashish Saikat of Independent TV, Bangla Tribune editor Zulfiquer Russell, head of News of 71 TV Shakil Ahmed, Energy and Power Editor Mollah Amzad, Head of News of Kings News Nazmul Huq Saikat and Mamunur Rahman Khan of RTV also spoke.

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UK inflation holds at 2% in June: official data

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UK Inflation

Britain’s inflation rate held steady in June after returning to the Bank of England’s target the previous month, official data showed Wednesday, confounding expectations for another modest slowdown.

The Consumer Prices Index was unchanged at 2.0 percent in June from the same level in May, the Office for National Statistics said in a statement, compared with market forecasts of 1.9 percent.

“Hotel prices rose strongly, while second-hand car costs fell but by less than this time last year,” said ONS chief executive Grant Fitzner.
“However, these were offset by falling clothing prices, with widespread sales driving down their cost.

“Meanwhile, the cost of both raw materials and goods leaving factories fell on the month, though factory gate prices remain above where they were a year ago.”

Analysts said the data could cause the Bank of England to sit tight for a while longer before starting to cut interest rates.

“The chances of an interest rate cut in August have diminished a bit more,” said Paul Dales, chief UK economist at research consultancy Capital Economics.

Last month, the BoE kept its key interest rate at a 16-year high of 5.25 percent, despite slowing inflation in May.

Britain’s newly elected Labour government welcomed news that inflation remained at the BoE’s target level.

“It is welcome that inflation is at target,” said Darren Jones, Chief Secretary to the Treasury, in a statement.

“But we know that for families across Britain prices remain high… (which) is why this government is taking the tough decisions now to fix the foundations” of the UK economy, he said.

Labour, led by new Prime Minister Keir Starmer, has pledged immediate action to grow the economy after the centre-left party won a landslide general election victory to end 14 years of Conservative rule.

Later on Wednesday, King Charles III will read out Labour’s first programme for government in a decade and a half, when the UK parliament formally reopens following the July 4 election.
Elevated interest rates have worsened a UK cost-of-living squeeze because they increase borrowing repayments, thereby cutting disposable incomes and crimping economic activity.

The BoE began a series of rate hikes in late 2021 to combat inflation, which rose after countries emerged from Covid lockdowns and accelerated after the invasion of Ukraine by key oil and gas producer Russia.

 

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China’s economy grew less than expected in second quarter: official data

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China’s economy grew 4.7 percent year-on-year in the second quarter of 2024, official data showed Monday, less than analysts had expected.

“By quarter, the GDP for the first quarter increased by 5.3 percent year on year and for the second quarter 4.7 percent,” Beijing’s National Bureau of Statistics (NBS) said in a statement.

The figures were much lower than the 5.1 percent predicted by analysts polled by Bloomberg.

Retail sales — a key gauge of consumption — also slowed to just two percent in June, the NBS said, down from 3.7 percent in May.

The world’s second-largest economy is grappling with a real estate debt crisis, weakening consumption, an ageing population and trade tensions with Western rivals.

Top officials are meeting in Beijing on Monday for a key plenum, with all eyes on how they might kickstart lacklustre growth.

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