Prices will not rise during Ramadan: Tofail Ahmed

Commerce Minister Tofail Ahmed says the prices of daily commodities will not rise during Ramadan thanks to sufficient reserves.

The commerce minister made the remarks during a meeting on commodity supply and prices during Ramadan and Eid-ul Fitr with businessmen and government officials at the Secretariat on Sunday.

Ahmed said the supply of daily necessities depended on domestic production and imports. More has been imported than necessary to meet the daily commodity demand during Ramadan.

“As there are sufficient reserves there will be no crisis or rise in the price.

The minister said he hopes the prices of daily commodities, especially rice, rice flour, sugar, edible oil, lentils, onions, ginger, turmeric and dates will not increase thanks to the support from producers, importers, distributers and wholesale and retail traders.

Demand for iftar foods causes prices of certain commodities to increase every year around Ramadan. It has been claimed that certain businessmen use the opportunity to make more profits.

The month of Ramadan is expected to start on May 17.

The government wants to keep a ‘friendly’ relationship with traders and control prices, said Tofail. Nothing can be gained by force, he said.

The Ministry of Commerce regularly monitors and supervises markets through the mobile courts, he said.

The ministry reviews prices and forecasts market trends based on information from various agencies, he said.

“As a result we will take a variety of initiatives to ensure prices do not rise during Ramadan this year.”

The commerce minister also asked businesspeople to be compassionate to their fasting brothers and sisters.

“Please do what you can for your fasting brothers and sisters,” Tofail said.

“When the price of the dollar rises, and when transport costs and costs on the international markets rise, the effect is felt on the local market. But there is no chance of such a thing happening this Ramadan.”