Prices of rice and other essential items shot up overnight as many people, panicked by coronavirus spread in the country, rushed to buy grocery goods fearing crisis in the days to come.
People have been seen to stock up essential grocery items, especially rice, after the declaration by the education ministry shutting down all educational institutions until March 31.
This prompted many traders to increase prices by Tk10-20 per kilogram.
Visiting several kitchen markets on Wednesday, Dhaka Tribune found rice retailers selling coarse Miniket for Tk55-60 per kg which was Tk48-52 a kilo a few days ago, and fine Miniket at Tk55-70 a kg which was Tk 52-58 per kg earlier.
BR 28 was selling for Tk42-44 a kg at wholesale market and retailing for Tk46-50 a kg.
At the wholesale market, Miniket was selling for Tk54-58 a kg which was Tk44-48 a kg earlier.
Fine variety of Najirshail was retailing at Tk65-80 a kg, which was Tk55-60 a kg earlier. Standard variety of Najirshail retailed for Tk55-60, which was previously Tk45-55 a kg.
At rice mills, Katari Najir was selling at Tk56-58 a kg which was Tk50-52 a kg earlier, the price of that rice increased to Tk60-65 a kg in wholesale markets and sold for Tk65-70 a kg in retail market.
Swarna-5 variety of rice, which was retailing for Tk35-40 a kg two days ago in the city’s kitchen markets, was found selling at Tk36 a kg in the mills, Tk38-40 a kg in wholesale market and Tk45-48 a kg in retail market.
Basmati rice was selling for Tk60-65 a kg in wholesale market and retailing for Tk70-75 a kg.
Selim Rahman bought three sacks of rice from Malibagh kitchen market on Wednesday.
When asked about stocking up, he expressed fear whether there would be adequate stocks in the market in future.
"The authorities urged everyone not to go outside unless absolutely necessary. That was why I stocked rice and other essential items so that I did not need to go outside," he added.
Like Selim, many others were found to purchase several sacks of rice each in the capital's kitchen markets.
Retailers blamed the price hike on wholesalers, who in turn shifted it to the rice millers, owing to the sudden surge in demand.
“We had abundant stock in our shop, but due to the mad rush that will run out soon. We sold more than 300 sacks (each containing 50kg) of rice in the last few days, compared to 50 sacks even last week. When we went to purchase rice from wholesalers, they increased prices by more than Tk500 per sack," said Mizanur Rahman, a rice retailer at Rampura Bazar.
Another wholesaler at Malibagh said the rice millers increased prices by Tk8-10 per kg and hoarded new stock of rice. As demand was increasing, they refused to release new supply of rice in the market to capitalize on the situation.
"Some people who earlier bought 2-5kg a day now bought more than 150kg, thanks to the coronavirus panic," he added.
Nasir Uddin Khan, owner of Khan Rice Mill, told Dhaka Tribune that they increased prices as there was shortage of rice, but could not specify the exact reason despite the government announcing there was no supply shortage in the country.
KM Layek Ali, general secretary of Bangladesh Auto Major and Husking Mill Owners' Association, said: “There is no shortage of rice in the country. We have enough reserve of Aman rice for the next one and half months. After then new Irri variety would be harvested. But if people store more than necessary for several months, it could create a crisis.”
He urged the government to put restrictions on prices as well as purchasing capacity of individual consumers.
The prices of garlic, onion and ginger also increased.
Garlic was retailing for Tk155-160 a kg, which was Tk140 per kg a week ago, while ginger retailed for Tk160-170 a kg, and local onion for Tk50-55 a kg.
Govt urges not to worry
Meanwhile, Commerce Minister Tipu Munshi said yesterday that there was enough stock of food grains in the country, and there was no need to stock up despite the potential deterioration of coronavirus.
Food Minister Sadhan Chandra Majumdar also emphasized: "The impact of coronavirus on the whole world would not increase the prices of granular food rice and wheat. If the traders hoard and raise prices, action would be taken against them.”
“Right now, government warehouses has 17.39 lakh tons of rice. New boro paddy would be harvested in a month,” he added.
"No one can take advantage by holding consumers hostage. Rice would be imported if needed. Consumers have nothing to fear, there is a monitoring team," he assured.
