Dhaka: Commerce Adviser Sk. Bashir Uddin today announced that the government is 'well-prepared' to ensure an adequate supply of essential items ahead of the forthcoming holy month of Ramadan. He highlighted the increase in letters of credit (LC) openings for essential commodities and recent reductions in the prices of sugar, lentils, chickpeas, and eggs.
According to Bangladesh Sangbad Sangstha, the Commerce Adviser addressed reporters at the Ministry of Commerce at Bangladesh Secretariat, emphasizing that the government will manage edible oil prices and is open to logical proposals but will not entertain unjustified moves. He reassured that the government is addressing revenue-related issues and overall supply, with higher LCs being opened than last Ramadan, suggesting no potential problems.
Bashir pointed out that while there was previously a syndicate influencing prices, the costs of sugar, chickpeas, and lentils have decreased, along with a reduction in egg prices. He expressed confidence in managing the edible oil prices and stated that the government remains committed to market stability and consumer protection, warning that any legal violations would be addressed.
Addressing concerns over recent edible oil price hikes, Bashir criticized the sudden increase by several companies, stating it lacked legal basis as the government was neither consulted nor informed. He mentioned that the Ministry had procured soybean oil at a much lower rate through a public procurement process, questioning the justification for the current retail prices.
The Commerce Adviser confirmed the Ministry's authority over essential commodities and indicated that necessary measures would be taken to address the price hike. He dismissed industry claims that companies are not required to seek prior approval for price increases, reaffirming the ministry's stance and readiness to engage in discussions with concerned parties to act according to legal and regulatory practices.