Salt rumours aimed to embarrass government, businesses believe

The rumours about a possible salt price hike are aimed at embarrassing the government, businesses in the sector, including ACI and Molla Salt, say.

They do not see any reason behind price hike as there is no shortage of supplies.

The rumours triggered panic buying in different districts leading to a brief shortage of supply that eventually drove the price.

The government has warned of tough actions against those spreading the rumours and urged the people not to pay heed to the rumours, reassuring them that there was enough stock and new supplies will be available in quick time

“We are shocked. What’s happening in Bangladesh! After onion, rumours [over salt] have been spread to embarrass the government,” Molla Salt General Manager Abdul Mannan told bdnews24.com on Tuesday night.

“It’s very unfortunate. A quarter spread the rumour on social media of a stock shortage of salt. This led to a price hike in different places. Many bought salt to stockpile fearing more price rise.”

“There is no dearth of salt stock anywhere in the country,” he said.

Syed Alamgir, director of consumer products at ACI Group, said, “Panic is being spread for no reason. A quarter is trying to make some extra profits by fooling the people with rumours.”

“Please publish it quickly that there is no shortage of salt stock,” he pleaded.

Around 60 percent of the salt sold in Bangladesh is unpacked product while ACI supplies 30 percent of the packaged salt market, according to Alamgir.

Mohammad Hossain, secretary of the Teknaf Salt Farmers and Traders’ Welfare Association, said the stock of salt only in the Upazila in Cox’s Bazar were enough to meet the demand of the entire country for six months.

“The farmers stocked salt after they had not been offered fair prices last year. Now a new season has arrived but the farmers are yet to sell last year’s stock,” he said.

Trader Jahid Hossain agreed.

One maund or 37.42kg of salt is being sold at Tk 190 to 200 now while the production cost reached around Tk 300, according to them.