Market monitoring to be strengthened to keep commodity prices stable: Commerce Minister

Commerce Minister Khandaker Abdul Muktadir has announced that market monitoring will be further strengthened to ensure adequate supply and stable prices of daily necessities.

He said maintaining stability in the market for daily commodities is one of the government's priorities, not just during Ramadan but throughout the year. To this end, coordination among traders' organisations, importers, producers and relevant government agencies will be further increased.

He made these remarks while presiding over a meeting on keeping the supply and prices of daily necessities stable and reviewing the overall market situation at the conference room of the Ministry of Commerce in the Secretariat on Monday, September 21, afternoon.

The Commerce Minister said no abnormal situation will be allowed to be created in the market. If anyone takes advantage of the current situation to unreasonably raise prices or tries to make excessive profits, the government will take necessary measures.

Thanking the business leaders who participated in the meeting, he said demand for consumer and daily necessities naturally increases during Ramadan. However, the government's market management is not only Ramadan-centric. The government's goal is to keep the supply of goods normal and prices tolerable throughout the year.

Explaining the reasons behind the recent market situation, Khandaker Abdul Muktadir said production in various industries has been somewhat disrupted due to interruptions in gas supply. Obstacles have also been created in the transport of goods. The impact of adverse weather, including storms and rain, has also affected the market in some areas. However, with winter approaching, new vegetables will start arriving in the market within a short time and the supply situation will improve, he expressed hope.

Calling on traders' organisations to keep regular track of the market situation, the Commerce Minister said that although abnormal fluctuations of two to four taka in the price of goods may not seem very significant in the overall calculation, it can create a crisis of confidence about the market among ordinary people. Therefore, alongside stability in the market, maintaining people's confidence is also very important.

He said to further strengthen people's confidence in the market, monitoring activities will be increased in coordination with the Directorate of National Consumer Rights Protection, the Ministry of Commerce, law enforcement agencies and district administrations. Regular meetings with importers will also be held to review the stock, import and supply situation of goods.

Highlighting the impact of rising fuel oil prices in the world market, the Commerce Minister said that when fuel prices rise in the international market, the country also has to bear its economic pressure. If the government does not pass on the entire burden to consumers at once and bears a portion of it, that ultimately falls on the state's finances. Therefore, efficient and economical use of fuel is very important.

He said the government will consider providing necessary policy support to keep the market and business normal, and various aspects of the existing tax structure will also be reviewed to keep the prices of daily necessities tolerable. Alongside this, regular monitoring will be carried out on information regarding domestically produced goods and goods for which letters of credit (LCs) have already been opened or which are at the shipping stage.

At the meeting, the Bangladesh Trade and Tariff Commission presented a picture of the demand, import, supply and price situation of daily commodities. It was informed that compared to last year, the situation of imports and opening of LCs for daily commodities in the country is positive.

According to the commission's data, the annual demand for lentils in the country is about seven lakh metric tonnes. From July 1 to September 15 last year, 42,000 metric tonnes of lentils were imported. During the same period this year, it increased to one lakh six thousand metric tonnes.

There has also been significant growth in the import of raw materials or seeds for edible oil. During the same period last year, 2.73 lakh metric tonnes of seeds were imported. This year, it increased to 3.86 lakh metric tonnes.

The annual demand for sugar in the country is about 20 to 21 lakh metric tonnes. Of this, about three lakh metric tonnes of sugar demand is created during Ramadan alone. The commission said the overall import and pipeline situation for daily commodities is positive.

The Commerce Minister further said initiatives are being taken to launch traceability programmes to make the supply systems of various products transparent and accountable. Through this, it will be possible to monitor the various stages of product supply from production to the consumer level. Considering giving priority to important daily commodities, including eggs and poultry, in this programme.

He said the government's main objective is to ensure adequate supply of goods in the market, maintain reasonable prices and strengthen consumers' confidence. To achieve this goal, the government and the private sector must work in coordination. The advice of business leaders will play an important role in market management and policy formulation.

At the meeting, business leaders raised various issues related to the production, import, transport, supply and market prices of daily necessities and gave necessary suggestions to keep the market stable.

Commerce Ministry Secretary Md Ataur Rahman Khan, Bangladesh Trade and Tariff Commission Chairman Nasir Uddin, Director General of the Directorate of National Consumer Rights Protection Md Zahirul Islam and leaders of importers' and traders' organisations for lentils, oil, dates, eggs and sugar were present at the meeting.