Govt to build stocks of essentials to deactivate Ramadan syndicates
Reported by: AKM Moinuddin, UNB Staff Writer
Reported on: May 11, 2012 19:31 PM
Reported in: National
Reported on: May 11, 2012 19:31 PM
Reported in: National
Dhaka, May 11 (UNB) - The government has planned to build its own stocks of essential commodities to remove the scope of creating artificial crises of items by business syndicates ahead of and during the holy month of Ramadan, officials said.
As part of the plan, the Trading Corporation of Bangladesh (TCB) has already invited an international tender to import 5,000 metric tonnes of crude soybean oil and 2,000 metric tonnes of red lentil (Masur dal), according to sources at the TCB.
Besides, the Ministry of Industries has taken necessary steps to ensure the smooth supply of sugar during Ramadan, likely to begin at the end of July.
“We’ve already piled up the necessary stock of sugar of 1.5 lakh metric tonnes. We don’t need to import sugar before Ramadan,” Industries Minister Dilip Barua told UNB on Friday.
Replying to a question, he said the market manipulators will not get any scope to create an artificial sugar crisis in the market and realise excessive price. “The sugar demand during Ramadan is around 75,000 metric tonnes to 1 lakh, and we’ll keep the price below Tk 60,” he added.
The prices of essentials go up abruptly as some dishonest businessmen create artificial crises ahead of Ramadan, inflicting sufferings on the consumers.
Earlier, Commerce Minister GM Quader said the government wants to ensure an adequate supply of commodities like edible oil, sugar, date, and chickpeas before the month of Ramadan so that unscrupulous traders cannot make the market volatile.
He also alleged that only a handful of businessmen control the huge market of edible oil and sugar. The size of edible oil business (per month) is over Tk 1,000 crore.
The commerce ministry is in a process to hire storehouses from the Food department in different districts so that the TCB can enhance its storage capacity to intervene the market when the demand rises and supply drops, sources said.
Meanwhile, the government is planning to increase the allocation of money for the TCB in the next budget so that it can further increase its buying capacity and ensure a good stock of essential commodities.
As part of the plan, the Trading Corporation of Bangladesh (TCB) has already invited an international tender to import 5,000 metric tonnes of crude soybean oil and 2,000 metric tonnes of red lentil (Masur dal), according to sources at the TCB.
Besides, the Ministry of Industries has taken necessary steps to ensure the smooth supply of sugar during Ramadan, likely to begin at the end of July.
“We’ve already piled up the necessary stock of sugar of 1.5 lakh metric tonnes. We don’t need to import sugar before Ramadan,” Industries Minister Dilip Barua told UNB on Friday.
Replying to a question, he said the market manipulators will not get any scope to create an artificial sugar crisis in the market and realise excessive price. “The sugar demand during Ramadan is around 75,000 metric tonnes to 1 lakh, and we’ll keep the price below Tk 60,” he added.
The prices of essentials go up abruptly as some dishonest businessmen create artificial crises ahead of Ramadan, inflicting sufferings on the consumers.
Earlier, Commerce Minister GM Quader said the government wants to ensure an adequate supply of commodities like edible oil, sugar, date, and chickpeas before the month of Ramadan so that unscrupulous traders cannot make the market volatile.
He also alleged that only a handful of businessmen control the huge market of edible oil and sugar. The size of edible oil business (per month) is over Tk 1,000 crore.
The commerce ministry is in a process to hire storehouses from the Food department in different districts so that the TCB can enhance its storage capacity to intervene the market when the demand rises and supply drops, sources said.
Meanwhile, the government is planning to increase the allocation of money for the TCB in the next budget so that it can further increase its buying capacity and ensure a good stock of essential commodities.
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