Tuesday, 7 December, 2021

Int’l price hike shoots up local commodity prices: Tipu Munshi

  • Staff Correspondent
  • 18 October, 2021 12:00 AM
  • Print news
Int’l price hike shoots up local commodity prices: Tipu Munshi

Commerce Minister Tipu Munshi on Sunday said global price volatility led to the current price spiral of some essential commodities in the country.

“We’re holding regular meeting on how to control commodity market. Price of essential items like edible oil and sugar has actually increased as their international price also soared,” he remarked.

He was speaking to the journalists at a press conference at DCCI auditorium on the upcoming international investment & trade summit 2021.

The minister said it is not possible for the government to provide subsidy on the essential items for all section of people.

Instead, the government will continue open market sale to the prices within the reach of low income people to lower their hardship, in informed.

In reply to a question, Tipu Munshi said Bangladesh has 20 shortfalls in onion production, which is met through import.  

90 percent imported onion comes from India and any price spike in India is reflected in the local market.

He said it has to be considered that importing onion from other sources like Turkey and Egypt takes nearly 45 days for which the imported onion from there sometimes get rotten.

However, he thinks that retail onion price should not exceed Tk 55 per KG in the city after adding the transport cost from the wholesale market at Shyambazar.

He assured of stepping up more market monitoring to curb any kind of market manipulation.