Commodity Prices Will Not Rise During Ramadan: Trade Adviser

News Desk    |    ০৮:২৪ পিএম, ২০২৫-০২-০২

Trade adviser Sheikh Bashiruddin has assured that commodity prices will not rise during the upcoming Ramadan. He stated that the country's import system and stockpiles are sufficient, and, Insha'Allah, there will be no issues during Ramadan. There is no shortage of oil, sugar, chickpeas, or dates in the market.

He made this statement while addressing the policy conclave titled "Reasonable Prices for Food Items: Strategies for Market Supervision" as the chief guest at a local hotel in Dhaka on Sunday (February 2).

The adviser mentioned, "If we look at the prices of various goods in the international market, we should expect prices to drop in the domestic market. I do not see any reason for prices to rise."

Referring to discussions about what reasonable prices for food items should be, the trade adviser said that short-term and long-term plans will be made on how to implement these ideas. He also emphasized the need for policy development to truly help consumers.

He pointed out that there are several organizations working to ensure proper market practices, such as the Competition Commission, the Directorate of Consumer Rights Protection, and the Trading Corporation of Bangladesh (TCB), to expand the scope for traders. Moreover, the Tariff Commission and the National Board of Revenue (NBR) are working to make the market more consumer-friendly. He urged local producers, importers, and traders to work towards making the market more competitive.

The trade adviser also mentioned that previously, 500,000 to 600,000 tons of rice bran oil were exported to India, and this oil is very healthy. However, export of rice bran oil has been restricted, with a 25% regulatory tax already imposed. He explained that bringing this oil back into the market would stabilize oil prices further. There is no difference between bottled oil and loose oil except for the price. He also informed me that the government is taking steps to make the Competition Commission independent to ensure market competition.

He pointed out, "Our policies have been designed to benefit the wealthy, not the common people. There has been no major investment in the country in the last 15 years, resulting in little job creation. If investment does not increase, how will tax collection grow?"

He criticized the banking sector, stating that banks have been turned into criminal institutions and that Islamic banks and the TCB have been destroyed. He mentioned that 4.3 million fake beneficiaries were found in the TCB's list, and further verification is needed.

Dr. Khondkar Golam Moazzem, Research Director of the Centre for Policy Dialogue (CPD), delivered the keynote address at the event.

Other notable attendees included Mohammad Abdur Rahman Khan, Chairman of the National Board of Revenue, and former professor and economist Anu Muhammad from Jahangirnagar University, Md. Abdur Rahim Khan, Secretary (Routine Affairs) of the Ministry of Commerce, Chief Coordinator of the National Citizen Committee Sarjis Alam, and Chief Coordinator of the Anti-Discrimination Student Movement Umama Fatema.