The interim government has undertaken a series of crucial measures to ensure the affordability of essential commodities during the upcoming Ramadan.
Prioritising market stability, the administration is focusing on augmenting supply, reducing tensions with traders, and enforcing immediate penalties against profiteers.
To bolster oversight, local authorities may engage students in market monitoring, while stockpilers face severe consequences, including business closures and legal action, according to sources from the Chief Adviser’s Office.
This marks the first Ramadan under the interim government, which views price control as a paramount challenge.
Chief Adviser Dr Muhammad Yunus is personally overseeing the initiative, ensuring a stringent approach towards market stabilisation.
The Chief Adviser’s Office has instructed authorities to expedite both import and clearance of essential commodities amid allegations that certain importers are deliberately delaying clearance to manipulate prices.
The first high-level government meeting on the matter, led by the chief adviser, was held in early November, where a zero-tolerance policy was adopted against price manipulation.
It was during this meeting that the decision was made to foster a closer relationship with traders to facilitate cooperation.
Adviser to the interim government, Asif Mahmud Sajib Bhuiyan said, "Every effort will be made to keep prices low this Ramadan. Besides increasing supply, stringent measures will be taken against syndicates. Officials failing to monitor effectively will also be held accountable—no one is above the law".
A report from the Ministry of Commerce to the Chief Adviser’s Office highlights that demand for staple items such as edible oil, sugar, onions, potatoes, lentils, chickpeas, and dates surges annually during Ramadan.
Price hikes have historically stemmed from supply shortages, often exacerbated by business syndicates linked to the previous government.
These syndicates manipulated prices and reaped excessive profits without facing scrutiny.
The current administration has already imposed import bans on several long-standing importers, while new importers are being incentivised with tariff reductions and easier Letter of Credit (LC) approvals.
As a result, the number of importing firms has risen from 214 last January to 365 this year.
Discussions have already taken place with traders to seek their cooperation in keeping prices stable, yielding positive responses. Intelligence agencies have identified individuals involved in business syndicates and reported them to the Ministry of Home Affairs.
Following the public uprising in July, the import activities of a leading commodity trader were halted over corruption allegations. Another major firm has been cautioned for misrepresenting import data to facilitate illicit fund transfers.
Records indicate that while this firm imported goods worth USD 152.3 million (approximately Tk1,675 crore) from January to July 2024, its imports plummeted to USD 68.6 million (around Tk755 crore) from August to 29 January.
Meanwhile, Nasa Group Chairman Nazrul Islam Majumdar and Madina Group Chairman Haji Mohammad Selim have been arrested on corruption charges, leading to a halt in Nasa Group’s date imports and a decline in Madina Group’s imports. Conversely, Pran-RFL Group has commenced large-scale imports of essentials, bringing in edible oil and sugar worth USD 11.2 million (around Tk123 crore) in January alone, with further consignments en route.
Chattogram-based Smile Food Products has emerged as the most active importer, having brought in approximately USD 120 million (around Tk1,320 crore) worth of essentials last month.
Other major players such as Meghna Group of Industries (MGI), City Group, TK Group, Mahbub Group, and SB Group have also ramped up imports.
Chairman and CEO of Pran-RFL Group, Ahsan Khan Chowdhury, said, "Pran Group will sequentially import all essential commodities, most of which will arrive in time for Ramadan.’ He added, ‘We are not importing merely for profit; we recognise our social responsibility. In the past, many traders have been accused of hoarding to inflate prices, causing hardship for the public. Our firm has upheld its reputation for ethical business practices, and we intend to maintain that standard."
Data from Bangladesh Bank and Chattogram Port Authority reveals significant import volumes in preparation for Ramadan.
The annual domestic demand for chickpeas is approximately 200,000 tonnes, with 87,000–90,000 tonnes needed during Ramadan alone. From October to January, 134,047 tonnes of chickpeas arrived via Chattogram Port.
The annual edible oil demand stands at nearly two million tonnes, with Ramadan requiring around 300,000 tonnes; in the past four months, 749,364 metric tonnes have been imported.
Similarly, while Bangladesh’s annual sugar demand is 1.8 million tonnes, the Ramadan requirement is around 300,000 tonnes. In the same period, 417,460 tonnes of sugar have been imported.
Date consumption peaks at 40,000 tonnes during Ramadan, compared to the annual demand of 80,000 tonnes.
From October to January, 19,746 tonnes were imported, with an additional 16,794 tonnes arriving by 17 February.
Daily demand for imported fruits stands at 1.7 million kg, surging to two million kg during Ramadan, necessitating approximately 60 million kg for the month. Over the past four months, 109.5 million kg of fruits have been imported via Chattogram Port.
Dr Md Shah Alam, deputy director of Chattogram Port, said, "Chattogram Port handles the largest volume of essential commodity imports in the country. This year, imports have reached record levels ahead of Ramadan. Every day, vessels carrying essential goods are arriving, and this trend is expected to continue post-Ramadan".
Shafiqul Alam, press secretary to the chief adviser, said, "Alongside imported commodities, special emphasis is being placed on sourcing products from local markets. We are optimistic that consumers will be able to purchase essentials at reasonable prices during Ramadan".
Meanwhile, Md Idris, general secretary of the Khatunganj Traders’ Welfare Association, the country’s largest wholesale market for essentials, noted, "Locally harvested onions from Pabna, Kushtia, Chuadanga, Faridpur, Rajbari, and Meherpur are arriving in bulk. Stricter control over extortion in transportation has led to increased market supply. As a result, we anticipate a downward trend in prices."
