United News of Bangladesh

Commerce Minister Khandakar Abdul Muktadir on Sunday said the government has taken various measures to control the market of essential commodities and ensure their supply at reasonable prices. Replying to a starred tabled question from ruling party lawmaker Sarwar Jamal Nizam (Chattogram-13) in the House, the minister said the Ministry of Commerce is actively working to maintain stability in the market and ensure uninterrupted supply of essential goods. He said the government has taken an initiative to update and amend The Control of Essential Commodities Act, 1956 to make it more time-befitting and effective for market control. The minister said the prices of edible oil are currently fixed by the ministry under the existing law and adjusted in line with international market prices and the price was revised three times in the current calendar year. He said the prices of other essential commodities remained mostly stable in the past calendar year while onion prices increased temporarily during mid-year and in December–January but returned to normalcy after import was opened twice through joint decisions of the agriculture and commerce ministries. The minister said a research initiative has been taken by assigning the Bangladesh Institute of Development Studies (BIDS) to review market control models of India, Indonesia and other countries and develop an effective model suitable for Bangladesh. He said the National Board of Revenue (NBR) reduced import duties on sugar, edible oil and dates this year following the Commerce Ministry’s initiative, which helped keep prices stable. The minister told parliament that regular market monitoring drives are being conducted by the Directorate of National Consumer Rights Protection, with daily market inspections in Dhaka and regular operations at district and upazila levels. The number of drives increased during Ramadan and other major festivals. He said meetings were held with producers, importers, wholesalers and retailers to monitor supply and prices while the minister and secretary conducted surprise market inspections, including visits to Chattogram’s Khatunganj wholesale market. The minister added that meetings were also held with LPG importers and distributors to maintain supply and price stability, while banking-related problems of importers and producers were resolved to ensure uninterrupted supply of essential goods. He said special task forces at district level are conducting regular inspections of warehouses, cold storages, supply chains and wholesale markets to monitor prices and ensure minimum price differences between producers, wholesalers and consumers. The Commerce Minister said regular meetings are being held with business leaders and chamber representatives to review and control prices of essential commodities. He also informed that around one crore low-income people are receiving subsidised rice, soybean oil, sugar and lentils through TCB card distribution programme, helping stabilise the market and ensure affordable food supply for the poor. The minister said a pilot agricultural market has been launched in Sylhet by collecting products directly from farmers and it will be expanded nationwide if successful.  

Commerce Minister Khandaker Abdul Muktadir on Monday said commodity prices and supply in the capital’s markets remain satisfactory during Ramadan, warning that action will be taken if any irregularities are found. The minister made the remarks after a surprise visit to Mohammadpur Town Hall Kitchen Market in the city, where he inspected shops and spoke to traders and consumers. “The market situation during Ramadan is normal. If any deviation occurs, we will take action,” he told reporters. Stocks adequate to keep Ramadan market stable: Commerce Minister Mentioning that monitoring activities are ongoing, Muktadir said 10 teams from the National Consumer Rights Protection Directorate are conducting daily drives, alongside three additional teams from the ministry. “If anyone tries to create chaos in the market bypassing these monitoring teams, inform us and we will take steps.” Admitting that the prices of lemons and chickpeas had increased at the beginning of Ramadan, the minister said lemons that were selling at Tk 60 per dozen a day before Ramadan had surged to Tk 120, causing public dissatisfaction. “However, during today’s visit, we found that lemon prices have come down to Tk 50-60 per dozen depending on the variety.” Muktadir said controlling the market in a city of around 20 million people like Dhaka requires coordinated efforts and assured that the Commerce Ministry is closely monitoring the situation to prevent a handful of traders from manipulating the market. He said import-based commodities remain stable and there is no shortage in products sold through the Trading Corporation of Bangladesh (TCB). “In fact, the prices of many items are Tk 10-15 lower this Ramadan compared to last year.” Bangladesh to seek delay in LDC graduation, says Commerce Minister Responding to a question about recent obstruction and alleged threats against a magistrate during a consumer rights drive at Moulvibazar in the capital, the minister said a case has already been filed against the trader concerned. “The law will take its own course. The purpose of market drives is not to harass traders but to send a message that they are under government surveillance,” he said. State Minister for Commerce Md Shariful Alam, Commerce Secretary Mahbubur Rahman, Director General of the National Consumer Rights Protection Directorate Farooq Ahmed and Additional Secretary of the ministry IIT Shibir Bicitro Barua were present during the visit. Later, the minister also inspected the capital’s largest wholesale kitchen market at Karwan Bazar and exchanged views with traders and buyers about the overall market situation.

Despite large-scale imports, the prices of essential commodities in Bangladesh continue to fluctuate, causing serious concerns among consumers. Many people find a stark contrast between the government’s assurances and the reality of the market, as they struggle to afford basic necessities. Retailers and wholesalers have blamed each other for the rising prices, while consumers suspect that a strong syndicate is manipulating the market amid weak monitoring by the authorities. Fixed-Income Households Under Pressure Qamruzzaman Khan, a retired government official from Shahinbag, Tejgaon, expressed his frustration over the soaring prices, particularly with the approach of Ramadan. He said he would have to cut back on purchasing fruits and meat due to their high cost. “I am even considering skipping dates for Iftar this year, as they are overpriced despite being of lower quality,” he said in an annoyed tone. He blamed the authorities for failing to regulate the market, allowing a strong syndicate to dictate prices. “People like us, who depend on a fixed pension, are finding it increasingly difficult to manage household expenses,” he added. Rabeya Akter, a private school teacher from Rampura, shared a similar struggle. With her husband jobless for the past year, the family has been relying on their savings to cover monthly expenses. “My salary is just over Tk 40,000, but it barely covers one-third of our household costs, including the education of our two school-going children and food expenses,” she explained. Drives conducted in Dhaka’s kitchen markets to monitor prices of essentials She said she plans to avoid fruits and meat during Ramadan due to their excessive prices, opting instead for vegetables, which remain relatively affordable. Rabeya also expressed frustration over the rising cost of essential goods, including edible oil. “The government keeps saying that increased imports will bring prices down, but when will that actually happen?” she asked. She lamented that lower-middle-income families like hers are struggling silently, unable to queue for subsidised food under the Open Market Sale (OMS) programme or seek financial aid, yet burdened with ever-increasing expenses. Syndicates and Market Manipulation SM Nazer Hossain, Vice President of the Consumers Association of Bangladesh (CAB), said that despite recent political changes, the market remains controlled by syndicates operating in different supply chains. “These syndicates have merely changed faces, but the system remains the same,” he said. CAB has proposed a system to regulate prices at every stage—from importers to dealers and retailers—to ensure a fair price structure. “Without such a system, the blame will continue to shift between millers, dealers, and retailers, while consumers suffer the consequences,” he added. Hossain also pointed out that inadequate market monitoring has allowed traders to hoard essential commodities, leading to price hikes. “Unlike perishable goods such as vegetables, most essentials can be stockpiled. As a result, prices continue to rise, often exceeding double the actual demand,” he explained. Soaring Prices of Essential Commodities Recent prices in Dhaka’s markets stood as follows: Dates: Tk 350–1,700 per kg Chickpeas: Tk 110 per kg Sugar (packet): Tk 170 per kg Sugar (loose): Tk 145 per kg Lentils and other pulses: Tk 120–170 per kg Garlic: Tk 180–240 per kg

Awami League General Secretary Obaidul Quader on Thursday (March 14, 2024) said the government is trying to identify those who are involved in market syndicates and investigating whether BNP has any link to the syndicates and hoarders. The AL leader said this while speaking at an opinion exchange meeting at the Awami League's central office at Bangabandhu Avenue. BNP will get more isolated if it continues movement during Ramadan: Quader Quader, also the Road Transport and Bridges Minister, expressed worries that such syndicates could attempt to destabilise the government and disrupt the progress of the elected government. Regarding the surge in commodity prices, the minister said the governmen under the leadership of Prime Minister Sheikh Hasina is working to bring the commodity prices within the reach of common people. On the issue of commodity price control, Quader referenced his recent visit to Singapore, where he observed a significant rise in commodity prices. “Efforts are being made to control prices in our country. The government is not inactive here. The Prime Minister is giving time to deal with the crisis. We have no negligence here. The whole world is facing the rise in gas, fuel and commodity prices. This crisis is also going on in the US, Europe, the other developed countries,” he said. Responding to questions about the recent hijacking of Bangladeshi ship and crew  in Somalia, the minister assured that the Foreign Ministry is engaged in securing their release. He said 23 crew members have insurance coverage, and efforts are underway to ensure their safe return. Hasan Mahmud says Ganatantra Mancha attacked police to incite chaos Regarding the negative impact on relation with the US over the conviction of Dr Yunus, the minister said,” Dr Yunus is a person. I want to who he is in the US. He is a citizen of Bangladesh. Bangladesh has its own law and court and law is equal for all.”

Bangladesh's Prime Minister Sheikh Hasina today (March 11, 2023) asked the business community leaders to find ways to bring commodity prices to a normal level.  “Considering public suffering, the business community leaders will have to find ways to bring prices of essentials to a normal level. Otherwise, you will lose your markets,” she said. The premier said this while inaugurating Bangladesh Business Summit-2023 at Bangabandhu International Conference Centre in the city. Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), in partnership with Ministry of Foreign Affairs, Commerce Ministry and Bangladesh Investment Development Authority (BIDA), is arranging the three-day summit. Read More: If people don’t buy in excess, there will be no price hike of essentials ahead of Ramadan: Tipu Munshi Sheikh Hasina said people are going through a very difficult time due to high prices of essentials and inflationary pressure. She said developing countries like Bangladesh as well as developed countries are facing severe problems due to price hike of essentials and high inflation caused by the Russia-Ukraine war, economic sanctions and counter-sanctions following the Covid-19 pandemic. Ministers from seven countries including the United Kingdom, the Kingdom of Saudi Arabia, China, Bhutan and the United Arab Emirates, CEOs of 12 multinational companies, and more than 200 foreign investors and business leaders from 17 countries are participating in the business summit. Read more: 'Business Summit to help brand Bangladesh's identity, manufacturing prowess to foreign investors' Foreign Minister Dr AK Abdul Momen, Commerce Minister Tipu Munshi, PM's Private Industry and Investment Affairs Adviser Salman Fazlur Rahman, Saudi Arabian Minister of Commerce Dr. Majid bin Abdullah Al-kassabi, Bhutanese Minister of Commerce and Employment Karma Dorjia and Deputy Director General of World Trade Organisation (WTO) Xiangchen Zhang spoke at the opening function, while FBCCI President Md Jashim Uddin delivered the welcome speech. The Business Summit is being organized as a part of the FBCCI's 50th founding anniversary celebrations with the aim of creating new opportunities for trade and investment by showcasing the country's economic potential before a global audience. The Business Summit will showcase dynamic investment opportunities and improvements to the local business climate while also giving insights into investment priorities of global investors to improve policymaking. Read more: PM to inaugurate Bangladesh Business Summit on Saturday

Sugar production will rise and prices come down soon as necessary measures, including increasing gas supply, have been taken,  said Commerce Minister Tipu Munshi on Thursday. Sugar production has decreased slightly due to low pressure in gas supply, said the minister at a meeting of the taskforce on reviewing commodity prices and market condition at the Secretariat. Read more:Govt allowing import of 1 lakh tons of sugar to keep price stable “However, there is sufficient sugar in our stock,” he added. The government has taken all kinds of steps to keep the supply of essential commodities stable, Tipu said, adding there no risk of commodity crisis currently in the country. “Five crore low-income people of the country are being provided with oil, lentils, and sugar every month at affordable prices through one crore cards at the instruction of Prime Minister Sheikh Hasina, said the minister adding, a large number of the people of the country are benefiting from this. Read more: Wheat being imported from Canada, market to be stable soon: Tipu Munshi Strict monitoring is continuing to keep the supply, stock and prices of the country's daily necessities stable, he added.

Information and Broadcasting Minister Dr Hasan Mahmud on Wednesday warned that the government will take stern action if the prices of essential goods or transport fares are raised unnecessarily on the plea of hike in fuel prices. Taking the recent fuel price-hike as an advantage, some unscrupulous businessmen have increased the price of goods and also the transport cost to enhance their profits, he said while exchanging views with journalists at the Bangladesh Secretariat here. Read: AL won't let BNP set the stage for another August 15: Hasan “It (irrational price hike) is in no way acceptable. Our government is monitoring these and I hope business organizations and leaders will play a role in this regard. If needed, the government will take strict action against them,” said Dr Hasan, also a joint general secretary of Awami League. Replying to a question about the Hartal (strike) called by the left-leaning alliance to protest the price-hike of daily commodities, the minister said there is high inflation throughout the world. He said the inflation is 8.5 per cent in the USA, 9.4 per cent in the UK, 25 per cent in Pakistan and over 9 percent in Australia.  But the inflation is 7.5 per cent in Bangladesh and was below 7 per cent till May last, which is lower than many countries, he added. The AL joint general secretary said the left-leaning alliance is a pro-liberation force and this is why he respects them, said a PID handout. The Information Minister requested them so that anti-liberation forces including BNP, anti-state force and militant groups would not be benefited with their activities.

Commerce Minister Tipu Munshi on Monday warned that the government will  come down hard on  manipulators of commodity prices to prevent any artificial crisis in the market. He said that there is an additional supply of all types of commodities than the demand, so there is no reason to panic. The minister was addressing a press briefing on the occasion of World Consumer Rights Day at the Bangladesh Secretariat. Also read: TCB to provide food support to 1 crore families during Ramadan: Tipu The government has taken all possible steps to protect the rights of consumers. To ensure this, the National Department of Consumer Protection has launched a hotline service number 16121 titled 'Consumer Window', Tipu said. “If any consumer's rights are violated, he/she can call this number and lodge a complaint. If the allegation is proved in the investigation, the complainant will get 25 per cent of the fine immediately,” he said. Replying to a question, the minister asked e-commerce consumers to be more conscious of ordering goods online, he said. The ministry has initiated to refund the money of e-commerce consumers and gradually all consumers will get their money, he said. Also read: Edible oil price may go up further: Tipu Munshi Tapan Kanti Ghosh, senior Commerce Secretary, AHM Shafiquzzaman, Director General (Additional Secretary) Directorate of National Consumers Right Protection, Nur Md. Mahbubul Hoque, additional secretary (FTA), among others, were present at the briefing.