Don't panic and buy excess Ramadan items at a time: Tipu Munshi

Commerce Minister Tipu Munshi has urged consumers not to panic and purchase too many essential commodities at once from the market during the upcoming Ramadan.

The government has taken adequate measures to stabilise the supply and stock of commodities, he said at the inauguration of the Rangpur Industry and Trade Fair 2023 organised by the Rangpur Chamber of Commerce and Industry at the Rangpur Cricket Garden on Sunday.

"There will be no shortage of daily commodities and no increase in prices. If consumers do not buy too many products at a time, the market will remain stable," the minister said.

"Arrangements have been made to purchase more essentials than required at the government and private levels. Many products have already arrived in the country, some are on the way and some are in the procurement phase," Munshi said.

There will be no issues if consumers buy products in normal quantities, the minister said, warning that stern action will be taken against any trader who tries to hoard products during Ramadan and increase the prices by creating an artificial crisis in the market.

The Ministry of Commerce has been holding talks with the importers, wholesalers and marketers of commodity products ahead of Ramadan.

"In light of past experience, adequate steps have been taken to keep the commodity market steady. The government is providing all sorts of support as per the needs of the traders," Munshi said.

Regarding the recent power and gas price hike, he said electricity and gas prices were increased in line with the cost of production, which will naturally have some impact on the economy.

"Efforts are being made to ensure fair prices of gas and electricity for the people of the country," the minister added.

A total of 120 stalls were set up at the month-long fair by participating companies from Rangpur and other parts of the country. The fair will be open for visitors daily from 10am to 8pm.

President of Rangpur Chamber of Commerce and Industry Mostafa Sohrab Chowdhury Titu presided over the inaugural event attended by Rangpur Metropolitan Police Additional Police Commissioner Saifuzzaman Faruqi, Rangpur Metropolitan Awami League Convener Md Delwar Hossain, and Rangpur District Sports Association General Secretary Advocate Md Anwarul Islam, among others.