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Take stern steps to prevent price hike

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Published: 08:57, 18 September 2017   Update: 15:18, 26 July 2020
Take stern steps to prevent price hike

It is being seemingly tough to bring the rice market under control. It is not being possible to contain the price hike of rice. The government along with the private sectors has imported several lakh tonnes of rice but instability prevails in the rice market. There are rumours that rice price may increase further. There is an allegation that a section of unscrupulous traders are manipulating the rice market.

The price of rice is soaring unstoppably as a section of unscrupulous traders are creating an artificial crisis through hoarding rice illegally in their godowns. It is apprehending that the rice market will go out of control of ordinary people soon if the price hike of rice is not contained immediately.

The price of the medium variety of rice, like guti swarna, now sells at Tk 44-Tk 46 per kg. Each kg of coarse rice, mainly consumed by low-income people, is being sold at Tk 48- Tk 50. According to the standard of rice, each kg of miniket is being sold at Tk 55-Tk 60, brightest-looking Najir Shail rice at Tk 65- Tk 70 and BR Atash at Tk 50- Tk55.

Initially, it was mentioned as the reason behind the price hike of rice that food stocks have been reduced due to heavy rain and flash floods. To tackle the situation urgently, the government withdraws all types of tariffs on rice import. At the same time, the government starts importing rice from India, Vietnam, Myanmar, Cambodia and Thailand. Private sectors also make their decision to start importing rice. But it is being ostensibly difficult to contain the price hike of rice due to business syndicates although the government has bona fides in this regard.

Due to massive damages to crops caused by floods in haor regions in April this year, all classes of people have faced an unbridled price hike of daily essentials in the markets across the country.  The price of all kinds of rice begins to soar. Later, the entire country is affected by floods and coastal areas are damaged by cyclone Mora. The crisis mounts more as a big portion of boro paddy fields have been attacked by blast disease.

According to the information of the Food Ministry, 20 lakh tonnes of rice production was marked as less in the last boro seasons. The government on June 20 reduced the tariff rate on rice import to 10 percent from 28 percent but no positive sign was marked in the markets. Later, the import tariff was again reduced to 2 percent on August 17. Imports at private levels continue to rise as tariff imposed on the private sector was reduced. About 5.2 lakh tonnes of rice have reached the country in first two months of the current fiscal year at private levels. 17 lakh tonnes of rice more are ready to be imported. But there exists no positive change in the markets.

“A certain quarter is playing politics with rice across the country.... A subtle conspiracy has been hatched to embarrass the government,” said Food Minister Qamrul Islam. Commerce Minister Tofail Ahmed warned that a strict action will be taken against mill owners responsible for increasing the price of rice. Several ministers and rice industry stakeholders said a section of traders made a hefty profit in the last few days after spreading fake information that the Indian government imposed a ban on rice export to Bangladesh.

The reality is that the price of rice increased by Tk 6- Tk 7 per kg in last two weeks after holy Eid-ul-Azha. Under this circumstance, the government will have to take quick and strict action against the mill owners and unscrupulous businessmen responsible for increasing the price of rice. The government will also have to take initiatives to start the sale of subsidised rice under its open market sale programme.  The concerned ministry and the authority of Trading Corporation of Bangladesh (TCB) will have to step up market monitoring on regular basis to contain price hike of rice.

risingbd/Dhaka/Sept 18, 2017/Ali Nowsher/Amirul

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