Despite various initiatives, the government’s anticipated outcome to stabilise the rice market is yet to be realised. Even in peak season, rice prices have surged to record levels.
Around three months ago, the National Board of Revenue (NBR) removed all import and regulatory duties on rice to ease prices. Following this, rice has been imported from various countries, with millions of tonnes still in transit. However, the market has yet to reflect any noticeable impact.
Even after consumer rights authorities conducted raids, prices could not be controlled. According to the Trading Corporation of Bangladesh (TCB), rice prices have increased again this week.
The Directorate General of Food reports that to stabilise the rice market, the government has been importing various types of rice from India and Myanmar. Shipments have already arrived through different land and seaports. Additionally, imports from Pakistan are also anticipated.
According to sellers from different markets in the capital, fine or Miniket rice is being sold at Tk 80-85 per kg, while Nazirshail is priced at Tk 85-90 per kg. Just a month ago, Miniket was available for Tk 72-80, and Nazirshail for Tk 80-85.
Moreover, coarse varieties like Guti Swarna are priced at Tk 60-62 per kg.
According to TCB data, coarse Swarna rice is currently selling for Tk 54-58 per kg in the market, compared to Tk 52-58 just a week ago. Last year, the price ranged from Tk 50-54 per kg.
Paijam or BR-28 rice is now being sold at Tk 60-65 per kg, up from Tk 56-63 a month ago. Last year, it was priced between Tk 52-56 per kg.
Miniket rice is currently selling for Tk 70-85 per kg, up from Tk 70-80 a month ago. A year ago, it was priced at Tk 62-75 per kg.
Advocate Humayun Kabir Bhuiyan, general secretary of the Consumers Association of Bangladesh (CAB), stated, “Imports are not a sustainable solution. The market cannot be regulated solely through imports. We believe the government lacks foresight in this matter. So far, no syndicate has been held accountable.”
He added, “There is no reason for rice prices to surge during peak season. Even those who are not traditionally involved in the rice trade have been hoarding it in warehouses. The government has taken no action against syndicates, hoarders, or manipulators. This is why prices are not dropping.”
Translated & edited by Fariha Nowshin Chinika
