TCB plans to check price hike of essentials during Ramadan

2 June 2010, 18:00 PM

Bss, Dhaka

Unlike previous years, the Trading Corporation of Bangladesh (TCB) this year has undertaken several steps in advance to check price hike of essentials during Ramadan. The state-run trading agency plans to import pulses, edible oil, palm oil, sugar and onion for supplying those to the people of low-income groups at fair prices. “We have taken the risk as far as possible for this year's Ramadan,” M Khalilur Rahman, chairman of TCB, told BSS. He said TCB has already opened four letters of credit (LCs) to procure the items to rein in price hike of essentials during the holy month. Four local and international tenders have been invited to procure 6,000 tonnes of soyabean oil, 25,000 tonnes of sugar, 6000 tonnes of edible oil, 15000 tonnes of pulse and 2000 tonnes of gram. “We will procure 4,000 tonnes of gram, 25,000 tonnes of edible oil and 50,000 tonnes of sugar before Ramadan,” he said. When asked whether they have any special measures to check sugar price, Khalil said TCB has taken a strategic plan to procure the item from local sources this year. The procured goods will be stored in the government's warehouses and be supplied to the people through 1,700 dealers which are now being appointed by the trading agency, he said. Besides, TCB has signed an agreement with SG Oil Refineries Limited, a Mongla-based Indian company, to procure 6,000 metric tonnes of refined edible oil every month. For the first time, Khalil said, the agency will sell its own brand of packets of edible oil weighing one, two and five liters. The country needs one lakh tonnes of edible oil a month that soars up nearly to 1.5 lakh tonnes during the Ramada. Other essentials such as pulses, onion and sugar also go up at that time. When contacted, President of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Annisul Huq said, “I think the prices of essentials remained somewhat stable during last year's Ramadan due to the participation of FBCCI in market monitoring.” He said the FBCCI will also monitor market this year if necessary.