March 29, 2024, 12:32 am


Asif Showkat Kallol

Published:
2022-11-25 10:05:03 BdST

Intel agency finds vested quarters behind market manipulation


An intelligence agency of the country has found evidence of connivance of the mill owners and different levels of traders behind the ongoing shortages of essential products in the market despite arbitrary hikes in prices, an official of the Commerce Ministry said.

The agency, which does not want to be named, claimed that until October this year, considering total demand for edible oil, sugar and wheat, the required amount of food products has been imported in addition to the home production. As a result, there should not be any logical ground for food scarcity in the market.

Apart from this, some anti-government vested interests are occasionally spreading rumours that the supply crunch of consumer goods is tangible and traders will increase prices further.

Panicked buying by a section consumer is possible amid such a situation, for some products.

According to the information of the intelligence agency, with the amount of sugar stored in the country, it is possible to meet the local demand for the next two and a half months. The next four months can easily be spent with the current stock of edible oil. Similarly, there is sufficient stock of flour, lentils and rice in the country.

Although there are sufficient stocks, products like sugar and edible oil are often disappearing from the market due to planned price hikes.

In the report, the intelligence agency has also shown a detailed picture of who has oil and sugar stockpiles, and their amounts.

The agency has sent a report in this regard to the Commerce Minister and the Commerce Secretary this week, respectively. In that report, 9 reasons have been cited for the current product crises. At the same time, the intelligence agency has made some 13 recommendations to end the ‘artificial scarcity.’

The Ministry of Commerce held an emergency meeting on Wednesday, presided over by senior secretary Tapan Kanti Ghosh, to decide what to do about taking strict action against dishonest traders and how to intensify monitoring on domestic and international market prices. The senior secretary said, “The purpose of this meeting is to take advance measures to overcome any deficiency out there”.

The major findings of the report include, increase in the price of fuel in line with the international market, increase in the cost of agricultural production including transport costs due to increase in fuel prices, supply chain disruption stemming from the Russia-Ukraine war, three-fold increase in shipping fares for transporting goods by sea and dollar crisis in the country.

Meanwhile, recommendations ask for taking strict legal measures to stop the manipulation of the dishonest traders and breaking down the syndicates and unethical competition.

It also advises cracking down on black market and illegal hoarding, and creating healthy competition in import and marketing of products, creating awareness among people to stop buying sprees.

The report also said to increase food production by ensuring supply of all agricultural inputs including fertilisers, seeds, and pesticides.

The intelligence agency said on October 25, a total of 1,54,000 tonnes of unrefined sugar is stored by various sugar producers and refiners in the country. At the same time, there are some 2,21,000 tonnes of sugar in the pipeline awaiting import, which can meet the local demand for the next two and a half months.

They said there is no shortage of supply of edible oil in the country considering the stocks and supply pipeline. About 4,96,000 tonnes of crude soybean and palm oil are stored in various mills while some 2,30,000 tonnes are in the import queue. Meanwhile, soybean seeds have a local stock of 2,36,000 tonnes, with which 40, 000 tonnes of soybean oil could be manufactured.

Considering the local reserves and pipelines, the country has more than 4 months of edible oil reserves. Sufficient sugar and edible oil stock lie in City Group, Meghna Group, S Alam and Bashundhara group’s warehouses.

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