Volatile rice market
Bangladesh’s rice market has turned volatile, causing suffering to low-income groups, with prices rising by Taka 5-6 per kg since the students’ protest. Coarse variety Bri-28 rice now costs Taka 60-65 per kg, while fine varieties like Nazirshail rice cost Taka 80-85 per kg. Millers and traders blame unrest and transportation costs, but authorities suspect hoarding and syndication. The government is urged to take action against illegal hoarders, monitor prices, and protect consumers’ interests amid economic hardship.
Country’s rice market has turned volatile, causing immense sufferings to the livelihood of the common man. The price of every variety of rice has gone up since the day of
chaos caused by students’ protest in the country. Per kg coarse variety of rice especially Bri-28 is now being sold at Taka 60-65.
Usually, the low income group consumes Bri-28 rice. Besides, the fine varieties also continue showing an upward trend since last week. On Sunday one kg Nazirshail rice was sold between Taka 80-Taka 85. The price of rice has increased up to Taka five to Taka six per kg.
Millers and traders have raised the rice price, citing excuses such as current unrest in the country and increase in transportation cost. We are concerned over the unusual increase in the price of rice, the main staple food of the country alongside the prices of all kinds of daily essentials including edible oil, lentil, fish, meat and vegetables. Bangladesh is currently in third place in global rice production.
Making the latest situation in the country as an issue, an unholy nexus of mill owners, importers and hoarders have deliberately increased the price of the main staple food through syndication when the country’s common people have been facing economic hardship caused by the latest unrest in the county.
They had hoarded a large volume of paddy during the harvesting season and now they are creating an artificial crisis in order to make the rice price unstable in the market across the country. Such abnormal rise in rice price cannot be accepted at all.
Earlier, the intelligence agency identifying a hoarding syndicate behind the rice price spiral, had suggested the government to take immediate stern actions against them. Besides, a study of the Bangladesh Institute of Development Studies says 50 large mills have the capacity to influence the supply and prices of the staple food.
The government had also blacklisted 16,000 rice millers for hoarding in an effort to manipulate price. Currently, the country has over 3, 5000 auto rice mills and 18,500 rice mills.
The big question is why the identified mill owners, importers and hoarders through forming a syndicate responsible for skyrocketing price hike of rice remain untouched? The government should start countrywide drive against illegal rice and paddy hoarders to curb brisk business by some unscrupulous traders aiming to maintain smooth food supply chain for consumers.
The relevant authorities must take action against illegal rice hoarders and find out reasons of rice price hike. Besides, all mill-owners and traders should show humane attitude towards consumers while the government will never compromise with profiteers and illegal hoarders.
When the hardship of the low-income groups has deteriorated further amid persisting financial uncertainty, dishonest millers, hoarders, rice traders and rich farmers are now busy stockpiling paddy to sell it after some days at higher prices. Authorities must also take stern legal actions if anybody tries to make rice market unstable.
The government needs to open an immediate control room and form monitoring team which will be functioning to keep price of rice at tolerable level. The businessmen will refrain themselves from such immoral and unethical profit and not try to destabilise the rice market during this crisis.
The authorities concerned will also have to launch special drives against illegal rice hoarders immediately to keep rice prices stable to protect the interest of the consumers. The government should again conduct investigation to find out the reasons behind the unusual increase in the price of rice.
Source Link : https://bangladeshpost.net/posts/volatile-rice-market-142704
