Market stable, prices likely to ease further in Ramadan: Commerce adviser

Bangladesh’s market remains stable with no supply crunch, and the prices of essential commodities are expected to decline further during Ramadan, Commerce Adviser Sheikh Bashir Uddin said on Sunday.

Talking to journalists after the 10th meeting of the Taskforce Committee on reviewing prices and market conditions of essential commodities ahead of Ramadan held at the Commerce Ministry, Bashir said the assessments of imports and domestic production indicate a more stable market than last year.

“Based on our analysis, we believe this year’s Ramadan market will be better than last year’s, with greater stability,” he said, adding that traders have assured uninterrupted supply of essentials and effective price control during the holy month.

The adviser pointed out that the imports of essential commodities have increased by about 40 percent compared to last year, which he said would help keep prices within consumers’ reach. “If there is no supply disruption, there is no reason for prices to rise.”

Bashir also said there is no gas or dollar shortage, while the exchange rate remains stable, placing the market in a relatively stronger position than at other times.

Referring to edible oil, he said prices at the wholesale level are currently below government-fixed rates due to increased competition. “We have diversified edible oil supply. Around 500,000 tonnes of rice bran oil from domestic production have been supplied to the market, which has intensified competition.”

He said future prices would be determined through market competition, which naturally helps reduce prices and ensures fair rates for consumers.

Responding to a question on government policy if prices rise during Ramadan despite these measures, Bashir said the government is focused on action rather than speculation. “We do not fear future fear-mongering. We are working and the results will follow.”

Commerce Secretary Mahbubur Rahman, heads of various commerce ministry agencies and senior representatives of private sector organisations were present at the meeting.