Govt to get tough against market manipulators: Commerce secretary

The government has asked traders to keep the prices of edible oil and sugar at check, as there is no supply shortage of the commodities in the local market despite rising prices in the international market.

It recommended keeping the sugar prices ranging from Tk 75 to Tk 80 per kg and edible oil at the previous prices.

The recommendation was made at a meeting called to review the present market situation of the commodities at the commerce ministry on Wednesday.

“We’ve reviewed the current market situation of the commodities with the traders,” Commerce Secretary Tapan Kanti Ghosh told reporters after the meeting.

“The traders have been asked to do business following the rules and regulations and they promised to do so,” he said.

The meeting was called against the backdrop of the rising prices of the commodities. In the last one month, the retail price of sugar has increased by at least 12 percent to Tk 80 a kg. And the unpacked edible also shout up by around 20 percent to Tk 129 per kg.

Additional Commerce SecretaryAHM Safiquzzaman said the price of edible oil would remain the same as it had been earlier.

“We have no shortage of supply. In some cases, the supply exceeds the annual demand,” he said.

The government has increased the operation of Trade Corporation of Bangladesh two and a half times higher compared to the last year.

About the rice price, the commerce secretary said, “The food ministry is looking into the issue of rice. But rice import have already been allowed. Taxes have been reduced by 25 percent.”

Meanwhile, the Commerce Secretary warned of going for tough action against those responsible for manipulating prices, said a commerce ministry press release.

The commerce secretary came up with the warning while addressing a press conference at his secretariat office in Dhaka, on Wednesday.

Earlier, he held a meeting with importers, distributors, wholesalers, millers and leaders of the country’s apex trade body, Federation of Bangladesh Chambers of Commerce and Industry, in the wake of increasing prices of various basic commodities, in the recent days.

About the soaring prices of rice, sugar and edible oil, Tapan Kanti said the prices of these items will not come down very soon due to their price hike in the international market.

Claiming that there is no shortage of food in the country, he said the government has already given approval to import seven lakh tonnes of rice to meet the country’s present demand.

The commerce minister is working to keep the prices of the daily essentials under tolerable levels by maintaining par with the prices in the international market, he said.

Alongside, Directorate of National Consumers’ Right Protection has already beefed up their vigilance on the market to make the government efforts successful, he said.

The NBR has already been asked to reduce import tax on rice, the commerce secretary said, calling upon the traders to come forward in controlling the price spiral of the daily essentials.

are taking measures so that no one can create an artificial crisis in the market. We will take legal action if anyone keeps stock of food products unlawfully to increase prices or create a crisis of products in the market,” the government high-up warned.

Additional Secretary Safikuzzaman said from now on, the retail price of sugar will be between Tk 75 and Tk 80 per kilogram.

Besides, according to the latest market price, a liter of bulk soybean oil is selling at Tk 129, bottled oil at Tk 153, palm super oil at Tk 112 and five liter soybean oil at Tk 728, respectively.