Rice traders and mill owners yesterday promised to reduce prices after Food Minister Sadhan Chandra Majumder said legal action would be taken against them if they do not cut rice prices within the next four days.  

The minister, during a meeting with rice mill owners, wholesalers, retailers and their representatives at the Directorate General of Food office, said when the government was busy with the election, the price of rice went up by Tk 6 a kg over four days.

"Now you reduce the prices the same way you increased the prices abnormally then. If not, we will take strict action according to the law because this price increase is completely unreasonable. There is no reason for the price increase during the Aman [harvest] season."

He said if the rice price did not decrease, imports would be encouraged. "I have prepared a file for zero-duty imports and sent it to the prime minister. We will import as needed if the prime minister approves," he said.

The prices of BR-28, Paijam, Guti and aromatic rice were supposed to decrease after Aman harvest. Instead, the prices went up by Tk 2-8 per kg over the last 10 days in kitchen markets of Dhaka.

The prices of miniket and najirshail rice have also soared over the last three days.

Millers claimed that the price of paddy has gone up due to high production costs and the wholesalers said they have no other option but to source rice at higher prices.

The minister said, "We cannot accept the argument of the traders for the rice price hike. They increased the price of rice abnormally during the formation of the government.

"Unscrupulous traders are hoarding rice. Some traders want to make a big profit. If they don't have a conscience, if they don't have integrity, it's a big problem," he said.

The traders then promised to reduce the prices.

Majumder said those who stock thousands of maunds of paddy without licences would not be spared.

"We have already formed teams to monitor the market and opened control rooms. Our operations are ongoing. The drives will begin at 11:00am in eight divisions of the country tomorrow [today]," he said.

"Anyone who has excess stock will be punished under the existing law or the special powers we have will be used."