Though the UN-backed deal signed between Ukraine and Russia in Turkey on July 22 has lowered the price of wheat in many countries of the world, for Bangladesh the scenario has been as usual. Unpackaged wheat flour is selling here at Tk 45 per kilogram or in some cases Tk 2 or 3 less than it. It is worth mentioning that Bangladesh imports about 40 per cent of wheat from these two countries, and the bulk of the rest comes from India which also slapped a ban on its wheat export.
As the sanction was imposed on Russia and wheat export came to a halt, its price jumped by Tk 10 at a stroke. Now that the shipment of wheat has begun from Ukraine to Turkey, the Bangladesh government as well as the consumers is expecting that the wheat flour price will come down.
But would it really be so? The consumers’ experience tells a different story. Recently, on the international market though the price of soybean oil came down, the retailers in Bangladesh are selling the essential cooking item at its previous exorbitant price. Bangladesh is perhaps the only country in the world where demand and supply do not determine the price of commodities. Once the price of a commodity goes up here, it hardly comes down to its previous level even when the supply is abundant.
Therefore, mere expectation by the government would not do, it will have to make vigorous monitoring of the market so that wheat flour price comes down in line with the international market. In these days of high inflation, even the middle income group people are finding it difficult to make ends meet, not to mention the poor and the lower income group people. It is the responsibility of the government, particularly its food and commerce ministries, to see that the syndicate of businessmen does not take the opportunity of the situation and take hold of the market.
From Monday the government’s programme of providing essential food items such as sugar, lentils, soybean oil and onion to one crore card holders at subsidised rates through the Trading Corporation of Bangladesh has started. As this kind of sale of essentials creates a huge impact on the market, the TCB can add wheat flour and rice also in the list of its commodities in these difficult times. If it does not do so, it would be taken for granted that the government has bowed down to the pressure of the relevant businessmen’s syndicates.
