PM orders import duty cuts on 4 commodities

Prime Minister Sheikh Hasina yesterday directed the authorities concerned to cut import duties on rice, edible oil, sugar and dates ahead of the upcoming Ramadan.

At a cabinet meeting at her office, the premier gave the directive to rein in inflation, which has stayed above 9 percent since March, and ease the inflationary pressure on people during the month of fasting.

Briefing reporters at the secretariat after the meeting, Cabinet Secretary Md Mahbub Hossain said: "The prime minister has emphasised the need for controlling inflation. She has also instructed the ministers concerned to work together on it. The ministers briefed the prime minister about what they have done and their experiences regarding the matter."

The National Board of Revenue is working on how much duty cuts on the four commodities can be allowed to bring down their prices.

"The prime minister has asked all the authorities concerned to monitor the market so there is no shortage of supply of goods."

Mahbub said all the ministers concerned have started working in a coordinated way. The PM also expressed satisfaction with their activities. She instructed them to ensure no one can manipulate the market.

The cabinet secretary said there is no problem with opening of letters of credit for importing essentials, adding that 37,107 tonnes of dates were imported at this time last year, while LCs have been opened for importing 44,734 tonnes of dates during the same period this year.

Besides, 97,287 tonnes of crude soybean oil was imported at this time last year, and LCs have been opened for importing 125,374 tonnes of crude soybean oil during the same period this year, he added.

LCs were opened for importing 338,870 tonnes of crude sugar at this time last year. During the same period this year, LCs have been opened for importing 387,138 tonnes of crude sugar, the cabinet secretary told the reporters.