Commerce Minister Tofail Ahmed has reassured that the prices of essentials will remain stable during the month of Ramadan as the commodities are sufficiently stocked to meet the increased demand.
“No one will be able to create an artificial crisis to make extra profit, as there are adequate supply of the essentials,” the minister said at a review meeting with businesspersons concerned at Export Promotion Bureau in Dhaka yesterday.
He also thanked the traders for keeping their promise last year to keep the commodity prices stable and hoped that the same thing would happen this year as well.
Tofail urged the retailers to have a reasonable profit margin to keep the prices at a tolerable level as there are allegations against them that they increase the prices whimsically.
He also asked the retailers to keep the price of sugar at Tk40 per kg.
Meanwhile, Bangladesh Edible Oil Wholesale Merchants’ Association President Md Golam Mawla blamed the retailers for the price hike during Ramadan.
He said there is a difference of Tk30 per kg on an average between retail and wholesale prices.
Golam Mawla urged the government to take initiatives to reduce the price difference by monitoring the market and ensuring fair prices for the consumers.
Predicting a stable market during Ramadan, City Group owner Fazlur Rahman said: “There is no scope of an increase in the prices of flour, sugar and edible oil as the stocks have one-and-a-half times more products than what is necessary to meet the demands.”
Beef Traders Association General Secretary Rezaul Karim also said the supply of cattle is starting to go back to normal and the beef prices will remain stable during Ramadan.
Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will award the traders who keep the prices of commodities at reasonable levels during Ramadan, said Abdul Matlub Ahmad, newly elected president of the apex trade body.
Senior Commerce Secretary Hedayetullah Al Mamoon, Meghna Group owner Mostafa Kamal and Madina Group owner Haji Mohammad Selim were also present at the meeting, among others.