This is concerning that rice price spike has continued unabated for the past several weeks sans any plausible reasons. First of all, now is the peak harvesting time of this staple cereal and on top of this, the government has allowed import of rice in bulk quantity with the aim of arresting the price hike.
But all the government's efforts have not come to fruition. It is evident when Commerce Adviser Sheikh Bashiruddin disclosed on Wednesday that there was no shortage of rice in the market and the concerned agencies have been monitoring the situation to bring the rice market under control.
To stabilize the rice market, National Board of Revenue in last November withdrew the import duties and regulatory taxes on rice imports and lowered the advance income tax from five percent to two percent. Then the government also allowed 277 private companies to import 14.81 lakh tonnes of rice as an attempt to contain domestic prices of the staple grain.
But government's bid was of little avail to cut the rice prices. As a result, the price of fine rice rose by Tk 6-8, medium-quality rice by Tk 5-6, and coarse rice by Tk 2-3 per kg compared to a few weeks ago. Miniket rice is now selling at Tk 75-85 per kg, up from Tk 68-78; Nazirshail at Tk 78-90 per kg, up from Tk 72-82; BR-28 rice at Tk 64-66, against Tk 58-62; and Paijam at Tk 62-65 against Tk 55-58 per kg.
Meanwhile, traders have cited a flimsy reason--rice price spike in the global market-for the price increase in the local market. Bangladesh largely imports rice from India and it is reported that the imported rice from India is priced at $410 per tonne. The import cost for a kilogram of rice thus stands at Tk 50-51 and that is now selling in the local market at Tk60-62 a kg.
Now it is clear that syndicates of traders and importers have manipulated the market to fleece the consumers. There is a question brewing in the city whether those traders allowed to import rice have deliberately delayed their imports to destabilize the markets.
Another important factor that importers, stockists and millers are trying to increase their stocks in the current peak harvesting season of rice is not ruled out. They are suspected of doing this in the hope that they can reap benefits of the market by taking control of the supply chain in the future.
This is not something new in our country that traders, stockists and importers of certain essential commodities have formed syndicates to create artificial crisis of some products in order to make outrageous profits.
We call on the government to swing into actions urgently in order to break the back of syndicates of rice importers and traders.
