POBNEWS24,Dhaka Feb 7, 2025 : There is no chance for price hike of commodities including essential items during the upcoming Holy Month of Ramadan as there is sufficient stock of such items in the country.
However, the market system will remain consumer-friendly as the government has taken various measurers to keep the market price of essentials stable ahead of Ramadan, said industry insiders and authorities concerned while talking to BSS recently.
Apart from these, there were bumper production of different crops including potatoes, onions and other winter vegetables in the country this season which will help ensure market price of such produces stable.
Besides, the Advisers concerned including Finance Adviser and the Commerce Adviser have been conducting a series of meetings with the stakeholders to ensure smooth supply of essential commodities and keep their prices stable in the kitchen markets across the country.
Moreover, the concerned government agencies have already taken necessary steps to make the market system consumer friendly.
Talking to BSS, Meghna Group General Manager Taslim Shahriar said that there would be no crisis for edible oil and sugar during the Holy Month since there is sufficient stockpile of such items.
The annual demand for edible oil in the country is 20 lakh tons whereas the demand for edible oil during the single month of Ramadan usually rises to three lakh tons.
He said that they have sufficient stock of edible oil for which there is no such possibility of crisis.
Citing data from the Department of Agriculture Extension (DAE), Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) said the production of soybean in the country in the last fiscal year (FY24) was 1.72 lakh metric tons, sunflower 27,000 metric tons and mustard 16.7 lakh metric tons.
In an effort to boost imports and control prices, the interim government waived customs duties on different essential goods, including edible oil, sugar, onions, potatoes, and dates.
Besides, the foreign exchange crisis eased up, clearing the way for opening Letters of Credit (LCs).
According to the data from the Bangladesh Trade and Tariff Commission (BTTC) till February 5, 2025, the international market price of non-refined soybean oil remained stable with $922.31 per ton which was $989 per ton one month back. The price of per kg non-refined soybean oil is Taka 116.75.
Besides, the international market price of refined palm oil has also declined with $1,072.50 per ton which was $1,167.50 per ton one month earlier. The price of per kg refined palm oil in Bangladesh is 126.18.
The stockpile and prices of major food grains and commodities like rice, wheat, sugar, chickpeas, dates, lentil, onion, ginger, garlic, salt, and potatoes are now in a considerate state in the country ahead of the Holy month.
Bangladesh Cold Storage Association President Mostafa Azad Chowdhury Babu said that the production of potatoes in this year totaled 1.30 crore tons against the fiscal target of 1.13 crore tons.
“Since, there was higher production of potatoes against the demand, potatoes are now being sold at Taka 10 per kg at farmers’ level which is Taka 20 to Taka 25 per kg at retail level,” he added.
Besides, the market of eggs is now stable while the prices and supply of winter vegetables are fine in the kitchen markets.
The consumers expressed their satisfaction and relief with the smooth supply chain thanks to the strong market monitoring and management by the concerned authorities.
The stockpile of major food grains is as follows:
Rice: According to the data of the Ministry of Food till February 5, the current stockpile of rice is 13.17 lakh metric tons.
Wheat: The current stockpile of wheat is 3.42 lakh tons.
