Dhaka: Commerce Minister Khandakar Abdul Muktadir announced on Sunday that the government has implemented several initiatives to regulate the market of essential commodities and ensure their supply at reasonable prices. This was in response to a question from ruling party lawmaker Sarwar Jamal Nizam (Chattogram-13) in the House, where the minister emphasized that the Ministry of Commerce is diligently working to maintain market stability and guarantee an uninterrupted flow of essential goods.
According to United News of Bangladesh, the minister revealed that the government plans to revise The Control of Essential Commodities Act, 1956, to make it more relevant and effective for today’s market conditions. He noted that while the ministry currently sets the prices of edible oil based on international market trends, these prices have been adjusted three times this year. Other essential goods have remained largely stable, although onion prices temporarily spiked mid-year and again in December-January, before stabilizing after the agriculture and commerce ministries allowed imports.
The minister highlighted a research initiative involving the Bangladesh Institute of Development Studies (BIDS) to evaluate market control models from countries like India and Indonesia to develop a suitable model for Bangladesh. He also mentioned that the National Board of Revenue (NBR) has reduced import duties on sugar, edible oil, and dates, a move prompted by the Commerce Ministry to help stabilize prices.
Regular market monitoring is being conducted by the Directorate of National Consumer Rights Protection, with frequent inspections in Dhaka and other districts. The frequency of these inspections increased during Ramadan and other major festivals. Meetings with producers, importers, wholesalers, and retailers are held to ensure stable supply and pricing, supplemented by surprise inspections in major markets, including Chattogram’s Khatunganj.
The minister also addressed issues with LPG supply and banking challenges faced by importers and producers to ensure uninterrupted delivery of essential goods. Special task forces at the district level are actively inspecting warehouses, cold storages, supply chains, and wholesale markets to monitor prices and minimize discrepancies between producers, wholesalers, and consumers.
Regular consultations with business leaders and chamber representatives are ongoing to review and manage essential commodity prices. The minister added that around one crore low-income individuals are benefiting from subsidized essentials through a TCB card distribution program. Additionally, a pilot agricultural market has been launched in Sylhet to procure directly from farmers, with plans for nationwide expansion pending its success.