Market Monitoring Will Be Strengthened to Keep Prices Stable: Commerce Minister

Commerce Minister Mr. Khondaker Abdul Muktadir has announced stronger market monitoring. This step aims to keep the supply and prices of essential goods stable. He made this announcement on Monday.

He said the government wants stability in the essential goods market. This goal applies throughout the year, not just during Ramadan. The government will boost coordination among business organizations, importers, producers, and its own agencies to achieve this.

Mr. Muktadir spoke on Monday afternoon at the Secretariat. He chaired a meeting at the Commerce Ministry conference room. The meeting reviewed the supply, prices, and overall condition of the essential goods market.

The Commerce Minister said the government will not allow any abnormal market situation. He warned that anyone who raises prices unreasonably or seeks excess profit will face government action. He thanked the business leaders who attended the meeting.

He said demand for consumer goods naturally rises during Ramadan. However, the government’s market management does not focus only on Ramadan. The goal remains normal supply and tolerable prices throughout the year.

Mr. Muktadir explained the causes behind the recent market situation. He said gas supply disruptions have affected production in various industries. Transport of goods has also faced obstacles. Storms, rain, and other bad weather have hit markets in some areas too.

He expressed hope that winter vegetables will soon reach the market. This will improve the supply situation within a short time. He urged business organizations to keep regular watch on market conditions.

He said a two or four taka fluctuation may look small overall. Yet such changes can shake public confidence in the market. He stressed that maintaining public trust matters as much as price stability itself.

He said the government will increase monitoring to strengthen public trust in the market. The National Consumer Rights Protection Department, the Commerce Ministry, law enforcement agencies, and district administrations will work together on this. Regular meetings with importers will review stock, import, and supply conditions.

The Commerce Minister addressed the impact of rising global fuel oil prices. He said the country must bear economic pressure when international fuel prices rise. The government absorbs part of this pressure instead of passing it fully to consumers, though this affects state finances. He called efficient and economical fuel use very important.

He said the government will consider policy support to keep markets and businesses normal. Officials will review parts of the existing tax structure to keep essential goods affordable. They will also track goods produced locally and those with open letters of credit or already in shipment.

The Bangladesh Trade and Tariff Commission presented data on demand, imports, supply, and prices of essential goods at the meeting. The data showed a positive trend in imports and letters of credit compared to last year.

According to the Commission, the country’s annual lentil demand stands near seven lakh metric tons. Lentil imports reached 42 thousand metric tons between July 1 and September 15 last year. This year, imports for the same period rose to one lakh six thousand metric tons.

Imports of edible oil raw materials, or seeds, also grew significantly. Seed imports stood at two lakh 73 thousand metric tons during the same period last year. This year, the figure rose to three lakh 86 thousand metric tons.

The country’s annual sugar demand stands near 20 to 21 lakh metric tons. Ramadan alone creates demand for nearly three lakh metric tons of sugar. The Commission said the overall import and pipeline situation for essential goods remains positive.

The Commerce Minister said the government is launching a traceability system for various goods. This system will make the supply chain transparent and accountable. It will track goods from production to the consumer level. Officials are considering priority treatment for eggs, poultry, and other key essential goods under this system.

He said the government’s main goal is to ensure adequate supply, maintain reasonable prices, and strengthen consumer trust. He said the government and private sector must work together to reach this goal. He added that advice from business leaders will play an important role in market management and policy making.

Business leaders at the meeting raised issues related to production, import, transport, supply, and market prices of essential goods. They also offered suggestions to help keep the market stable.

Commerce Ministry Secretary Mr. Md. Ataur Rahman Khan attended the meeting. Bangladesh Trade and Tariff Commission Chairman Mr. Nasir Ud Doula and National Consumer Rights Protection Department Director General Mr. Md. Zahirul Islam also attended. Leaders of importer and business associations dealing in lentils, oil, dates, eggs, and sugar were present as well.