The government told mill owners and rice importers to bring down prices that have soared recently by Tk5-6 per kg nationwide.
Food Minister Sadhan Chandra Majumder issued the warning on Wednesday.
During a meeting with rice traders at the Directorate General of Food (DGoF), Majumder directed mill owners and traders to reduce prices within four days.
"Just as you raised prices swiftly, you must now bring them down gracefully."
The minister expressed concern about the unexpected increase during the Aman harvest season, saying such increases are "unacceptable".
At the meeting, he mentioned how corporate packaging adds only Tk2-3, but prices to supermarkets are inflated by up to Tk8.
The minister said market monitoring is underway to restore prices within four days. Strict action will be taken against those with unlicensed and illegally stockpiled rice.
Sadhan Chandra Majumder said the process of bringing in rice from foreign markets has begun, with approval sought to reduce import duties to zero. Imports will stabilize the market if needed.
Directives were issued to the food directorate and district food controllers for field operations from Thursday. Valid food-grade licences are mandatory for business.
During the meeting, mill owners linked the recent price increases to post-election demand exceeding pre-election normalcy, leading to higher paddy prices.
They defended medium-quality rice prices (Tk47-47.5) as only slightly above the government's coarse rice purchase rate (Tk44).
However, they blamed large corporations for buying rice at inflated prices, impacting overall market rates.
Nirad Baran Saha, president of the Naogaon Paddy and Rice Traders and Merchants Association, said the increase primarily affected Swarna-5 -- a popular Aman variety.
Food Secretary Ismail Hossain refuted claims of prices rising at this time every year, saying they typically occur before the Boro harvest in March-April.
Businesses requested mill-level price monitoring and accurate data on rice demand and production.
The food secretary assured coordinated efforts to address the situation. He confirmed an adequate public rice buffer of 1.7 million tonnes for safety nets.
Over 98% of paddy has been harvested in the Aman season, according to the Department of Agricultural Extension (DAE). The agriculture ministry eyes 17.1 million tonnes of rice from this season.
On Wednesday, coarse rice was at Tk52-55, medium at Tk62-65 and finer varieties at Tk75-98 per kg in Dhaka retail markets.