Commerce Minister Munshi warns businesses against price-gouging in Ramadan

Commerce Minister Tipu Munshi has demanded an explanation for onion price hike from businesses before warning them against spiking commodity prices during the Ramadan.

He says he has even been accused of favouring the businesses, being a businessman himself.

“Please try to understand that being in this position is like living in a fire,” he told business leaders in a meeting in Dhaka on Thursday to discuss ways to keep the market stable by keeping the supply chain normal through adequate import and stockpiling.

“Why did you double onion prices within 12 hours? [India] banned export on Sept 29. Why did the prices double the next morning? Where are the ethics?” he asked the businessmen.  

He said the Directorate of National Consumer Rights Protection had to carry out drives against the businesses when onion prices shot up abnormally as “the traders were doubling the profit”.

“But I was accused of favouring the businesses because I myself am a businessman. [It was said] I could have been stricter,” Munshi said.   

He urged businesses to keep the prices at reasonable levels during Ramadan, which is expected to start in the second half of April.

“Please don’t try to get rich overnight. Please consider the month of Ramadan as a special one,” the minister said.

Onion consumption rises in Bangladesh during Ramadan due to the use of the kitchen staple in most Iftar items.

The country usually needs 200,000 tonnes of extra onion in the month, according to Munshi, who said the government was preparing to meet the demand by bolstering import.

Additional Agriculture Secretary Tofazzel Hossain told the meeting that 2.3 million tonnes of onion were produced last year, but he could not say how much was preserved.

“There is no coordination in keeping the data. We can’t control the market unless we get correct data. I don’t get any feedback on demand. How will we import if we don’t know the demand?” Munshi asked.   

Former commerce minister Tofail Ahmed, who is currently serving as l chief of the parliamentary standing committee on the ministry, also emphasised coordination for the right data.