Commodity prices won't go up in Ramadan
Traders yesterday gave an assurance that the prices of basic commodities will not go up during Ramadan, as there is an adequate supply of those to serve the local markets.
The commitment from the commodity traders came at a meeting with Commerce Minister Tofail Ahmed at his secretariat in Dhaka.
The minister held the meeting as the prices of some commodities like rice, sugar, onion, gram and edible oil went up in the local market ahead of the fasting month of Ramadan.
Fazlur Rahman, chairman of City Group, a leading commodity trader, said the prices of imported goods like sugar and edible oil increased due to a sudden jump in the exchange rate of the taka against the US dollar.
Last week, a US dollar exchanged at Tk 85, which was at Tk 78-79 a few weeks back.
“The dollar rate should be at Tk 80 for a stable market of basic goods,” Rahman said at the meeting that was attended by importers, refiners, retailers and wholesalers. Mostafa Kamal, chairman of Meghna Group of Industries, another leading supplier of commodities, said, “The price hike is temporary. Please do not panic for a price hike of certain commodities.”
Kamal said there was a disruption in the supply of sugar from his factory for a machinery malfunction in the last few days.
Maintenance of the equipment would be completed in four to five days and production will resume in full capacity, he added.
On the sudden price hike of rice, Nizam Uddin, president of Babu Bazar and Badamtoli Rice Traders Association, suggested allowing rice imports from India to increase supply and bring down the price of the staple.
“The damage of paddy in the haor regions is one of the major reasons behind the rice price hike.”
Mohammad Hossain, president of New Market Traders Association, said the price of salt increased between Tk 400 and Tk 500 a sack for no apparent reason.
The government is taking measures to resume market monitoring to control price manipulation by some vested quarters, the minister said in response to queries by journalists.
“Special police forces will work to check extortion from commodity traders at the highways during Ramadan,” said Ahmed.
Trading Corporation of Bangladesh will resume its 'open market sale' of commodities across the country at affordable prices, he added.
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