The government on Wednesday warned of taking stern actions against those involved in hoarding the key essential commodities and manipulating prices to make hefty profit.
"The government will use the existing legal provisions if it finds any case of hoarding and profiteering," Commerce Secretary Tapan Kanti Ghosh told a review meeting of essential commodities at the Ministry of Commerce (MOC).
Following the meeting, the commerce secretary told a press briefing that they reviewed the supply, prices and stock situation of the commodities.
There are sufficient stocks of commodities to meet the local demand, he added.
The ministry convened the meeting with traders, refiners, wholesalers and other stakeholders amid the price volatility of some essential items.
Recently, the prices of three essential items - rice, edible oil and sugar - have increased in the local kitchen market.
Sugar price increased by 13 per cent at the retail level in the last one and a half weeks. The current price is 26 per cent higher than that of the last year, according to the Trading Corporation of Bangladesh (TCB).
High officials of the ministry and representatives from the trade bodies, including the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), different law-enforcing agencies, Bangladesh Bank, and business groups attended the meeting.
The traders have assured the government of their cooperation in maintaining the normal supply chain and keeping prices of essential items under control, said the secretary.
He said the ministry has intensified its monitoring on the market and it will be extended to the district and upazilla levels so that the consumers are not affected by the unusual price hike.
The secretary expected the prices of essentials would not go up as the country has a sufficient stock of commodities and the government has taken necessary measures in this regard.
The government would maintain a strong coordination with the businessmen to ensure a smooth supply chain and contain the prices, a meeting source said.
Replying to a question, the commerce secretary said the prices of sugar and edible oil increased in the local market due to price hike of the items in the international market.
Meanwhile, the government has reduced the rice import duty to 25 per cent while the ministry issued permits to import 0.75 million tonnes of rice to help cut the price.
The meeting also held discussion on a recommendation by the Bangladesh Trade and Tariff Commission (BTTC) to fix the prices of some basic essential items, including edible oil.
The BTTC is proposed to recommend the prices considering indicators, including the international market prices. Later, the national committee on essential commodities under the commerce ministry will fix the price of the items, according to the meeting sources.
The local refiners have already sent a proposal for another hike in the prices of edible oil, a senior official of the commerce ministry said.
The secretary mentioned that the price of edible oil will not increase in the current month (August) as it is the month of national mourning.
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