Commerce, Industries, Textiles and Jute Minister Khandaker Abdul Muktadir on Sunday assured consumers that there is no reason to panic over edible oil, saying the country currently has an adequate supply of the essential commodity.
Speaking at a discussion titled “Middle East Conflict: Review of Supply and Price Situation of Essential Commodities” at the conference room of the Khatunganj Trade and Industries Association in Chattogram, the minister said attempts may occur in some retail markets to create an artificial shortage, but such incidents do not reflect the overall market situation.
Earlier, he visited the wholesale market in Khatunganj and inspected the supply and prices of various essential commodities.
The minister said most of the products currently available in the market were imported before the outbreak of the ongoing conflict in the Middle East. He also noted that the government has sufficient reserves of fuel oil.
“Global conflicts can sometimes put pressure on supply chains and push up prices in the international market. However, the government will take necessary measures to keep essential goods within consumers’ purchasing capacity,” he said.
Responding to questions from journalists, Muktadir acknowledged that in many cases there is a significant and unacceptable price gap between wholesale and retail markets.
To identify the reasons behind the discrepancy, the government will form a fact-finding committee comprising representatives from business bodies, the administration and, if necessary, other professionals. The committee will examine the issue in detail and provide recommendations.
The minister also said Bangladesh remains dependent on imports for many commodities. Therefore, increases in global prices, fluctuations in the US dollar and higher transportation costs naturally affect the domestic market.
However, he added that the government is closely monitoring the market to ensure that prices do not rise unreasonably due to internal mismanagement or market manipulation.
Highlighting the role of businesses in a free-market economy, the minister said traders are the main driving force of commerce. The government’s responsibility is to create a supportive environment for business and investment and ensure that the market operates smoothly.
At the same time, he instructed the authorities to ensure that traders are not unnecessarily harassed during market monitoring activities.
Regarding imported fruits, the minister said some items such as apples, grapes and oranges should remain affordable for ordinary consumers. The government may consider policy measures if necessary to keep their prices within people’s purchasing capacity.
However, he noted that there is no need to reduce duties on highly priced luxury fruits.
The meeting, chaired by association president Md Abdus Salam, was attended by Commerce Ministry Secretary Mahbubur Rahman, Chattogram Deputy Commissioner Mohammad Zahidul Islam Miah, wholesale traders, government officials and media representatives.
Later in the afternoon, the minister also held a meeting with divisional and district administration officials and business leaders at the Chattogram Circuit House.