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The Financial Express

Ministry alerted on Ramadan market manipulation

| Updated: April 27, 2019 11:03:35


- Focus Bangla file photo - Focus Bangla file photo

Home ministry has asked commerce ministry to stay alert to unscrupulous traders who might rig the commodity market during Ramadan.

Citing its own special intelligence report, home ministry suggested commerce ministry remain alert to manipulators as well as racketeers.

It also recommended that quick measures be taken to fix problems like highway extortion during shipment of essential goods and commodities.

Home officials have called for commerce ministry to strongly monitor the sugar and edible oil market.

In the special report, they turned the spotlight on the hoarding of basic necessities by profiteers.

The officials also advised commerce ministry to monitor financing for hording by banks and take stern legal action and punish the culprits.

Making necessary efforts to store essentials should be taken through the Trading Corporation of Bangladesh (TCB) and increase sales volume on the open market for price stability.

Prices of sugar, fruits and vegetables might increase during the fasting month of Muslims, the report said.

Last month, the commerce minister sat with traders at his secretariat office to review supply, prices and stocks of essential items.

The traders assured him of not playing the market of key essential items before or during Ramadan as they already have enough stock of commodities.

Importers, wholesalers and retailers who attended the meeting said they have sufficient stocks of gram, onion, sugar, edible oil and lentil.

The prices of these items will thus remain static during Ramadan, they said categorically.

Meeting sources said Tipu Munshi told the traders that steps are underway to reduce congestion to facilitate essential goods transport.

Even stern action will be taken against highway extortionists. No one will be spared in this regard.

Mr Munshi recently asked all divisional commissioners to be heavy-handed to keep prices, stocks and supplies normal ahead of Ramadan.

He also ordered deputy commissioners and sub-district officials to take necessary steps to this end, said a press release of the ministry issued recently.

When contacted, commerce secretary Md Mofizul Islam said prices of essentials would not rise since the government has taken precautions like previous years.

"The market monitoring teams have been reinforced. We've asked them to be more careful about their duties during Ramadan," he added.

"We've a sufficient stock of essential items to fulfil demands during Ramadan," Mr Islam cited.

He, however, said a control room would be set up at commerce ministry soon to redress any grievances on essential prices, hoarding and syndicates.

The state-owned TCB commenced selling essentials at subsidised rates on April 23 in different parts of the country ahead of Ramadan beginning next month.

According to the agency, a total of 187 mobile OMS (open market sale) trucks will supply commodities daily except Fridays.

Of them, 35 trucks will be available in Dhaka, 10 in Chattogram, five in each of the other divisional cities and two in each district town.

The prices of key essentials like sugar, onion, edible oil and vegetable showed an uptrend despite having sufficient supplies in the market.

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