The Prime Minister's Office (PMO) has instructed the commerce ministry to ensure adequate stock of essential commodities at least 15 days ahead of Ramadan in order to keep prices within a tolerable range, officials said.
The ministry has also been asked to strictly monitor the stock situation of essential items on a regular basis, they added.
The PMO issued the directive on the basis of a work plan for procuring and stocking a large quantity of key essentials, which will help avert any possible crisis during the fasting month.
It also asked the ministry to revise the volume target of stocking those items for which low targets were set earlier.
The commerce ministry has recently set out the work plan to keep the prices of necessary kitchen items stable during Ramadan.
According to the plan, the government has decided to purchase over 0.121 million tonnes of essential items.
Of them, 50,000 tonnes of edible oil, 30,000 tonnes of onion and 30,000 tonnes of sugar, 3,000 tonnes of lentils, 8,000 tonnes of gram and 500 tonnes of date will be procured from local and international markets, according to the commerce ministry.
The Bangladesh Trade and Tariff Commission (BTTC) also recommended making necessary preparations to control the prices of essential goods in Ramadan.
Contacted, commerce secretary Dr Md Jafar Uddin said, "We have taken initiatives to ensure adequate supply of essential items and keep the prices stable during the month of Ramadan."
Meanwhile, an intelligence agency has sounded an alarm over possible price hike of essential commodities during the holy month.
"It would be difficult to control the commodity market during Ramadan if the government does not act to rein in the prevailing price hike of essential items, including rice, onion, edible oil and spices," said a report of the Special Branch (SB) of Police.
The report suggested that the state agencies concerned take urgent measures to cool down the already heated market.
The report also suggested making efforts to ensure adequate stock and import of essential goods to meet the domestic demand.
It also recommended strengthening the activities of Trading Corporation of Bangladesh (TCB) and importing essential items even by providing government subsidy, if needed, to maintain price stability.
The SB suggested that the commerce ministry monitor the market regularly and take stern action against hoarders and profiteers.
They also advised the commerce ministry to keep a close watch on importers, wholesalers and retailers so that they cannot raise the prices of essentials by spreading propaganda.
The SB urged the authority concerned to give necessary instructions to scheduled banks to help genuine importers.
According to its report, the prices of key essentials like sugar, onion, edible oil and vegetables showed an uptrend although there are sufficient supplies in the market.
Essential items, including rice, pulses and spices, are witnessing a price hike in the international market following the outbreak of coronavirus and massive bushfires in Australia, it added.
The government has already asked its market monitoring agencies to step up vigilance so that none can raise commodity prices in the name of short supply resulting from coronavirus epidemic in China.
The commerce ministry at an emergency meeting on February 07 gave such instructions to the TCB, Directorate of National Consumer Rights Protection (DNCRP), and its own market monitoring teams.
The meeting, chaired by the commerce secretary, asked the officials to remain alert so that no businessman can make undue high profits. A meeting source said commodity prices usually see a significant rise during the holy month of Ramadan.
The meeting also asked all concerned to take appropriate steps so that price hike can be contained during the holy month.
Contacted, a senior commerce ministry official said, "The market monitoring teams have been reinforced. We've asked them to be more careful about their duties throughout the year, especially during Ramadan."
"We've have taken a move to ensure sufficient stock of essential items to meet the demand during Ramadan," he added.
Ahead of the fasting month, TCB will start selling essentials at subsidised rates across the country. It is now selling onion at a subsidised rate.
The commerce ministry several times sat with traders to review the supply, stock and prices of essential items. It will sit again with traders, if needed.
In the meetings, traders said they have enough stock of commodities like gram, onion, sugar, edible oil and lentils. They also hoped the prices of these items would remain stable during Ramadan.
Contacted, a BTTC member said, "Essential goods are being procured to keep the commodity market stable during upcoming Ramadan. The state-run Trading Corporation of Bangladesh (TCB) will sell these items to common people at subsidised rates."
For procurement of these items, formalities relating to stock the goods have already been completed, he added.
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