State Minister Titu hopes government steps will keep prices down in Ramadan

State Minister for Commerce Ahsanul Islam Titu has assured consumers of stable prices of daily necessities during the upcoming Ramadan.

He hopes steps like easing and increasing imports and punishing hoarders, along with sufficient stocks, will help keep prices down during the Islamic month of fasting, when demand and prices skyrocket.

Speaking to journalists during a meeting with Awami League leaders at his home in Tangail’s Delduar Upazila on Friday, he said importers and entrepreneurs in the food processing industry had flagged “high” duty on sugar, cooking oil and dates in a previous meeting.

The commerce ministry has sent a proposal to the National Board of Revenue for cutting the duty on these products to a “reasonable” level, according to Titu.

Bangladesh will import 20,000 tonnes of onions and 50,000 tonnes of sugar from India, while more cooking oil and sugar are coming from Brazil and other countries, he said. “So the prices of daily necessities will be under control in Ramadan.”

Citing importers, local producers, agriculture, food, fisheries and livestock divisions, he said Bangladesh has sufficient stocks for the next three months, including the Islamic month of Ramadan, which is expected to begin on March 11.

The state minister said the government will act tough on Prime Minister Sheikh Hasina’s orders against traders who stockpile products for price gouging. “Market monitoring has begun.”

“We held an inter-ministerial meeting to ensure uninterrupted supply of products from the entrepreneurs to the consumers,” Titu said, adding that 10 million people will get five products at subsidised prices during Ramadan through the Trading Corporation of Bangladesh under the family card programme.