Prices of essentials to stay stable during Ramadan: Bashir

Commerce Adviser Sk Bashir Uddin on Sunday, January 25, said that prices of essentials will remain under control during the upcoming holy month of Ramadan and potentially better than the previous year as the government has already taken all-out preparations to this effect.

“The supply chain for consumer goods is normal. Business representatives have assured us that price levels will remain stable, mirroring the conditions of last year or, in some cases, showing a downward trend,” he said.

The adviser was speaking after a task force committee meeting on reviewing commodity prices and the market situation at the commerce ministry conference room in Dhaka.

In his speech, Bashir emphasised that their optimism is based on a quantitative analysis of imports and production.

A review of Bangladesh Bank data reveals that average imports have increased by approximately 40% compared to last year, he added.

Based on this analysis, he expected that the market will be even more stable than the previous year.

Addressing concerns about market manipulation, he stated that its monitoring system is active daily.

However, he said, monitoring efforts by the Directorate of National Consumer Rights Protection will be significantly reinforced specifically for Ramadan.

Regarding specific concerns about edible oil prices, he clarified that there is currently no gas or dollar crisis, and the exchange rate remains stable.

To foster competition, he said, the government has diversified the market by integrating approximately 500,000 tons of locally produced Rice Bran Oil.

Consequently, retail prices are reportedly lower than the government-fixed rates due to increased market competition, he added.

Source: BSS