Bangladesh: Bangladesh’s market remains stable with no supply crunch, and the prices of essential commodities are expected to decline further during Ramadan, Commerce Adviser Sk Bashir Uddin said on Sunday.

According to United News of Bangladesh, Bashir addressed journalists after the 10th meeting of the Taskforce Committee on reviewing prices and market conditions of essential commodities ahead of Ramadan, held at the Commerce Ministry. He stated that assessments of imports and domestic production indicate a more stable market than last year.

Bashir expressed optimism about the upcoming Ramadan market, suggesting it will be better than the previous year, with increased stability. He mentioned that traders have assured an uninterrupted supply of essentials and effective price control throughout the holy month.

The adviser highlighted a significant increase in the imports of essential commodities, approximately 40 percent more than last year, which he believes will help maintain prices at a consumer-friendly level. He emphasized that as long as there is no supply disruption, there should be no reason for prices to rise.

Bashir noted the stable market conditions, citing no gas or dollar shortage and a steady exchange rate, which contributes to the market’s strength. He specifically mentioned that wholesale prices of edible oil are currently below government-fixed rates due to heightened competition. He pointed out that the supply of around 500,000 tonnes of rice bran oil from domestic production has intensified market competition.

He explained that future prices would be influenced by market competition, which naturally aids in reducing prices and ensuring fair rates for consumers. When questioned about potential government policy responses if prices rise during Ramadan, Bashir stated that the government is focused on action rather than speculation, emphasizing their proactive approach.

Commerce Secretary Mahbubur Rahman, along with heads of various commerce ministry agencies and senior representatives of private sector organizations, were present at the meeting.