Commodity prices won’t go up in Ramadan

Traders yesterday assured that commodity prices are not going to increase during Ramadan because there is an adequate supply of those serving local markets.

Commitment of commodity traders came during a meeting with the Minister of Commerce, Tofail Ahmed, at his secretariat in Dhaka.

The Minister held the meeting because the prices of some products like rice, sugar, onion, gram and edible oil increased in the local market before the fasting month of Ramadan .

Fazlur Rahman, chairman of City Group, a leading commodities trader, said prices for imported products such as sugar and edible oil have increased due to a sudden jump in the Change in taka against the US dollar.

Last week, one US dollar traded to Tk 85, which was at Tk 78-79 a few weeks ago.

"The dollar rate should be at Tk 80 for a steady commodity market," Rahman said at the meeting attended by importers, refiners, retailers and wholesalers. Mostafa Kamal, chairman of Meghna Group of Industries, another leading provider of amenities, said: "Price increases are temporary. Do not panic for higher prices for some products."

Kamal said there was an interruption in the sugar supply of his plant for machine malfunction in the last few days.

The maintenance of the equipment would be completed in four to five days and production will resume at full capacity, he added.

On the sudden rise in rice prices, Nizam Uddin, chairman of Babu Bazar and Badamtoli Rice Traders Association, suggested allowing rice imports from India to increase rice prices, Offer and reduce the price of the staple food.

"The damage of paddy in the haor regions is one of the main reasons for rising rice prices."

Mohammad Hossain, president of New Market Traders Association, said that the price of salt rose between Tk 400 and Tk 500 a bag for no apparent reason.

The government is taking measures to resume market surveillance to control the manipulation of prices by certain neighborhoods acquired, said the minister in response to requests from journalists


"Special forces of the police will work to check the extortion of merchants of goods to roads during Ramadan," said Ahmed.

The Bangladesh Commercial Corporation will resume its "selling on the open market" products throughout the country at affordable prices, he added.

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