Ramadan Price Hike

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  • Topic: Ramadan, Price, Price point
  • Pages : 6 (1707 words )
  • Download(s) : 456
  • Published : August 1, 2012
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INTRODUCTION :
The holy month of ramadan is about to begin on the 19th July. Like every year, the commencement of the month of ramadan is going to bring in not only the frenzy of the upcoming Eid festival but also something else which is increased tension and worry that is caused by the uncontrolled price increase of the daily essentials. Each year before the month of ramadan, the prices of the daily essentials increase twise or even thrice as much. Every year the government tries his best to control the price hike of the daily essentials but fails eventually. But this year, the government has taken some unprecedented steps to control the price hike. It is quite an admirable fact that the government has addressed this issue one month before the month of ramadan. The government has come into terms with the traders that they will not profiteer in the month of ramadan and the profit limit for the retailers would not be more than 10 percent. Other than making the traders and business leaders promice, the government has taken some other important steps as well. They are : (a) Ensuring enough stock :

The public and private sectors have built stocks of essential commodities higher than the projected demand for the month of Ramadan, with Bangladesh Tariff Commission (BTC) saying the stocks are adequate to curb a price spiral during the fasting days.Stocks of key items -- sugar, cooking oil, onion and chickpea -- are enough to meet the increased consumption during Ramadan, said Md Mozibur Rahman, chairman of the BTC, which monitors the prices of essentials on part of the government. Increase in demand of essentials during the month of ramadan : |COMMODITIES |REGULAR DEMAND |INCREASED DEMAND | | |( IN OTHER MONTHS) |(DURING RAMADAN) | |1. SUGAR |1,04,000 TONNES |1,50,000 TONNES | |2. COOKING OIL |1,05,000 TONNES |2,05,000 TONNES | |3. GRAM |4,500 TONNES |50,000 TONNES | |4. ONION |1,62,000 TONNES |2,20,000 TONNES |

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Current stocks of the above commodities :
|COMMODITIES |CURRENT STOCK | |1. sugar |1,85,000 tonnes | |2. gram |94,374 tonnes | |3. onoin |3,51,000 tonnes | |4. cooking oil |2,25,000 tonnes |

Of the sugar stocks, state-owned Bangladesh Sugar and Food Industries Corporation holds nearly 175,000 tonnes, while Trading Corporation of Bangladesh (TCB) has 10,000 tonnes. Some 25,000 tonnes of sugar will be added to the existing stocks of the TCB in the next two weeks, said Mr. Golam Mohammad Kader, an official of the TCB. According to the tariff commission, 85,373 tonnes of gram have been imported in the July-May period of the just concluded fiscal year, while local production was 9,000 tonnes. Onion imports stood at 3.51 lakh tonnes in the July-May period of fiscal 2011-12 with domestic production being 16.20 lakh tonnes. (b) Putting ban on exports :

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) yesterday urged the...
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