Kazi Zahidul Hasan :
A syndicate of unscrupulous rice millers has been blamed for the current volatility in rice market.
The syndicate is raising the prices of the staple grain by creating artificial crisis in the market.
In the last few months, the cartel has allegedly forced the price of course rise to jump to the extent of Tk 500 and fine rice to Tk 300 for per 50 kg sack.
The minimum price of coarse rice per kg was Tk 28 in August, which is Tk 40 now. The price of fine rice was Tk 42-45 in August, which is Tk 52-55 now.
“The current level of rice price is unjustifiable when the farmers reaped a bumper harvest,” Food Minister Kamrul Islam told The New Nation yesterday
He said: “It is an abnormal hike and it could not be justified by any means.”
The Minister accused a syndicate of dictating the rice price from behind the screen to establish control over the rice market. The syndicate members are engaged in hoarding the rice to make quick money by way of increasing price. The cartel has created volatility in the country’s rice market to put pressure on the government, said Kamrul Islam. “The government has increased duty on rice import. The business syndicate created instability in the rice market so that the government withdraws the duty to allow cheaper rice,” he added. “We are closely monitoring the situation. We will take actions to curb the hoarders and those involved in ‘business syndication’ in the rice market,” he added. The Food Minister further said the government would take appropriate measures to curb the nexus of such syndicate.
Brushing aside the allegation of ‘business syndicate,’ Layek Ali, Secretary General of Bangladesh Auto-Rice and Husking Mill Owners Association told The New Nation that they were not involved in market manipulation.
“We did not raise the rice price but the government did. The government’s move to procure rice at high rate has transmitted the unrest in the market,” he added.
Meanwhile, the government has directed the intelligence agencies to look into the rice market volatility after smelling rat.
They have been asked to detect the syndicate responsible for recent price hike of rice.
The agencies would submit their report to the ministry concerned as soon as possible, sources said.
