Tipu: 5cr people have West-like buying power

The purchasing power of about five crore people in Bangladesh is like that of a Western country while some three crore are living below the poverty line, Commerce Minister Tipu Munshi has said.

The demand for expensive products, including fine rice, had grown because of consumers having high buying power, he told a press briefing arranged to mark the Second National Tea Day at his ministry on Thursday.   

He said the government was supplying essentials, such as oil, sugar, and pulses, at affordable prices through the Trading Corporation of Bangladesh (TCB) for the poor. The minister said local edible oil prices might fall as a result of declining prices in the world market.

“Soybean and palm oil prices will be fixed again by next week after reviewing the global market situation. Palm oil prices will hopefully go down and if that of soybean oil does not decrease, it will at least not rise,” he noted.

Despite imports, mill owners increased soybean oil prices by Tk 40 per litre on May 5 amid a supply crisis in the retail market. Non-bottled soybean oil is now sold at Tk 180 per litre.

Tipu said pricing this time would be based on last month’s prices. He further said oil prices in the international market had gone down slightly on Thursday but its impact would be felt after a month.

Responding to a question from journalists, the minister said his ministry would extend cooperation if the food ministry asked for any.

He said the government had decided to sell products through TCB family cards, which might begin on June 15.

Among others, Senior Commerce Secretary Tapan Kanti Ghosh, Additional Secretary Md Hafizur Rahman, and Bangladesh Tea Board Chairman Major General Md Ashraful Islam attended the press conference.