Commerce Minister Tofail claims rice prices now normal after market fluctuations

Commerce Minister Tofail Ahmed has said the rice market is now 'normal' though the prices fluctuate at times.

Senior Correspondentbdnews24.com
Published : 19 Nov 2017, 06:36 PM
Updated : 19 Nov 2017, 07:35 PM

He told parliament on Sunday that the coarse rice in the market was being sold at Tk 40 per kg while the fine varieties, on average, cost Tk 56.

The TCB price chart showed that the rice prices at Dhaka market were between Tk 42 and Tk 65 - from the coarse variety to fine variety.

The rice market witnessed an upward trend in the middle of this year that made the government to cut the duty on rice import. The measure stabilised the market to some extent.

The commerce minister explained reasons for the price hike and the measures the government took to control.

"The market is now normal," Tofail told the House adding "the import tax has been reduced to 2 percent to bring the price under control".

"We have to increase the import tax after next harvest, otherwise, the rice import will continue and the farmers will suffer," the minister told MPs.

He claimed that the government managed to keep the price-gouging syndicate in check which was why the prices of commodities remained at a reasonable level.

Tofail said the government has formed the competition commission to monitor and dismantle business syndicate and ring.

Food Minister Kamrul Islam told parliament in the country has 577,000 tonnes in food reserves.