Commerce Minister Tofail Ahmed has said the price of rice in markets are now ‘normal’ amid some fluctuations at times.
The minister told the parliament on Sunday that the coarse rice in the market was being sold at Tk 40 per kg while the fine varieties are priced around Tk. 56 on average.
Dhaka kitchen markets are selling the rice at Tk.42 to Tk.65 for the coarse to fine varieties, according to the TCB price chart.
Due to devastating floods and natural disasters, the price of rice had risen exponentially during the middle of the year. However, the government had cut taxes on rice imports following the price hike and the move stabilized the market.
“The market is now normal. The import tax has been reduced to 2 percent to bring the price under control,” the minister informed the House.
Minister Tofail added that the taxes have to be increased after the next harvest, otherwise the imports will continue and the local farmers will suffer.
He claimed that the government managed to keep the price-hiking syndicate under control, and that helped to keep prices reasonable.
The minister mentioned that the government has formed the competition commission to monitor and dismantle business syndicate and ring.