Commerce Minister Khandakar Abdul Muktadir today said market monitoring will be strengthened throughout the year to ensure adequate supply and price stability of essential commodities.
“Maintaining stability in the market of essential commodities throughout the year, not only during Ramadan, is one of the government’s priorities,” he said.
The minister was speaking at a meeting on ensuring supply and price stability of essential commodities and reviewing the overall market situation at the conference room of the Commerce Ministry at the Secretariat this afternoon, said a press release.
Muktadir said coordination among business organisations, importers, producers and relevant government agencies would be further strengthened to maintain a stable market.
“There will be no scope for creating any abnormal situation in the market. If anyone takes advantage of the current situation to raise commodity prices unreasonably or attempts to make excessive profits, the government will take necessary measures,” he said.
The minister said demand for essential commodities naturally increases during Ramadan, but the government’s market management is not limited to the month of Ramadan.
“Ensuring normal supply and keeping prices at tolerable levels throughout the year is our goal,” he said.
Explaining the recent market situation, Muktadir said gas supply disruptions had affected production in some industries to some extent, while transportation of goods also faced difficulties.
The impact of storms, rain and adverse weather conditions was also felt in markets in some areas, he said.
However, he expressed hope that the supply situation would improve soon as new vegetables would start arriving in the market ahead of winter.
The minister urged business organisations to regularly monitor market conditions, saying even an unusual fluctuation of Tk2-4 in commodity prices, although not significant in overall terms, could create a crisis of confidence among consumers.
“Therefore, maintaining stability in the market as well as people’s confidence is very important,” he said.
He said monitoring activities would be strengthened through coordination among the Directorate of National Consumer Rights Protection, Commerce Ministry, law enforcement agencies and district administrations.
Regular meetings would also be held with importers to review stocks, imports and supply of commodities, he added.
Referring to the impact of rising global fuel prices, the commerce minister said Bangladesh also has to bear the economic pressure when fuel prices rise in the international market.
He stressed the need for efficient and economical use of fuel.
The government would consider necessary policy support to keep the market and businesses normal, he said, adding that different aspects of the existing tax structure would also be reviewed to keep prices of essential commodities at tolerable levels.
Information on domestically produced commodities, as well as goods for which letters of credit (LCs) have already been opened or which are at the shipment stage, would also be monitored regularly, he said.
At the meeting, the Bangladesh Trade and Tariff Commission presented an overview of demand, imports, supply and prices of essential commodities.
According to the commission, the overall import and LC-opening situation of essential commodities is positive compared to the previous year.
The country’s annual demand for lentils is around seven lakh tonnes. During July 1 to September 15 last year, 42,000 tonnes of lentils were imported, while the volume rose to 106,000 tonnes during the same period this year.
Imports of edible oil seeds also recorded significant growth. The import volume increased to 386,000 tonnes this year from 273,000 tonnes during the corresponding period last year.
Annual demand for sugar in Bangladesh is around 20-21 lakh tonnes, with nearly three lakh tonnes required during Ramadan alone.
The commission said the overall import and pipeline situation of essential commodities remains positive.
The commerce minister said an initiative is being taken to introduce a traceability system to make the supply chain of different commodities more transparent and accountable.
The system would make it possible to monitor various stages of the supply chain from production to consumers, he said, adding that priority is being considered for important essential commodities, including eggs and poultry products.
He said the government’s main objective is to ensure adequate supply, maintain reasonable prices and strengthen consumer confidence.
“Government and the private sector have to work together in a coordinated manner to achieve this goal,” he said.
Business leaders at the meeting raised various issues concerning production, imports, transportation, supply and market prices of essential commodities and gave suggestions for maintaining market stability.
Commerce Secretary Md Ataur Rahman Khan, Bangladesh Trade and Tariff Commission Chairman Nasir Uddoula, Directorate of National Consumer Rights Protection Director General Md Zahirul Islam, and leaders of importers and business organisations dealing with lentils, edible oil, dates, eggs and sugar were present at the meeting.