The National Board of Revenue yesterday cut customs tariffs on rice, sugar and dates and lifted value added tax on edible oil in an effort to help the government boost supply and contain prices of the four commodities during the Ramadan next month.
Meghna Group of Industries (MGI) and TK Group, two major commodity processors in Bangladesh, are set to enter into the milling and marketing of rice, a move that may intensify competition but drive small operators out of the market.
Azmat Ali is a daily wage earner in the northern district of Lalmonirhat. Just a week ago, he bought coarse rice for Tk 44-45 a kg. But yesterday he found the price of the staple rose to Tk 52.
Rice prices have edged up in Bangladesh in the last couple of days despite the cut in customs tariffs on the import of the staple food to 25 per cent to increase supply and contain prices.