Avoid panic buying; stock of essentials adequate: Munshi

Commerce Minister Tipu Munshi yesterday urged the public to avoid panic buying amid the looming coronavirus threat, saying that the country has an adequate stock of basic commodities needed to tackle any national crisis.

Prices of household items such as rice, sugar, flour and edible oil in the domestic markets have started to inch up as a section of unscrupulous traders are taking advantage of the fact that people are stockpiling these products in fear of the COVID-19 pandemic.

"Retailers are charging extra for such commodities due to the increased demand in the market," said Munshi at an impromptu press conference at his secretariat in Dhaka.

The media briefing was convened to clear up confusion over recent media reports about the price hike of some basic commodities.

Prices have remained stable at the wholesale and import levels, the minister said, adding that there were no reasons behind the increased rates at the retail level.

However, since panic-stricken consumers are buying goods in large quantities, certain traders are cashing in on the situation to augment sales.

Giving a recent example, the minister said many people had purchased up to 10 kilograms of salt in one go after rumours began to float that there would be a shortage of the kitchen staple.

Although the price of salt was set at Tk 25 per kg, the people who believed the rumour paid Tk 80 a kg.

After learning about the abnormal price hike of salt, the government took strict measures to bring retailers under control and thwart panic buying.

"Then, prices returned to its previous level within a day," Munshi said.

Consumers have begun to buy essential commodities in large quantities following the rise of coronavirus patients in the country.

The government believes this to be unnecessary though as Bangladesh's stockpile of basic commodities is 40 per cent higher than what it was during the same time last year.

"So, we need not be worried about the supply of those goods," Munshi said in response to a query.

Besides, open market sales for select products at reasonable prices will start next month across the country. This will continue even during Ramadan so that ordinary people can buy the goods at affordable prices, the minister added.

The commerce ministry has deployed seven teams in Dhaka to monitor the prices so that no one can make hefty profits by pressuring consumers.

Munshi also informed that he was not aware about any price hike of baby foods in the domestic market as the issue does not fall under the ministry's purview.

Rather, the ministry is busy taming the price of onion, which had skyrocketed across the country in the last few months.

Deputy commissioners of various districts have also been asked to monitor the markets under their jurisdiction.

The minister hopes that the supply chain for household goods will remain unscathed since the export, import or transportation of these products are yet to be hampered by the coronavirus outbreak.