The government today warned that stern action would be taken against the profiteers and price manipulators of basic commodities, as the market has ample supply of the daily necessities.

Commerce Secretary Tapan Kanti Ghosh announced the warning at a press conference at his secretariat office in Dhaka.

The commerce ministry called a meeting involving the importers, distributors, wholesalers, millers and leaders of the business chambers, including apex trade body the Federation of Bangladesh Chambers of Commerce and Industry, in the wake of price hike of some basic commodities.

Over the last nearly two months, prices of mainly three widely consumed basic items, including rice, sugar and edible oil, increased in the local markets abnormally.

Soybean oil was sold at prices between Tk 140 and Tk 150 per litre in the markets and sugar Tk 75-80 a kg, according to commerce ministry data.

"We have also noticed that the prices of these three basic items increased in the local markets. However, the prices of sugar and edible oil increased in the local markets because of price escalation of the two in the international markets as we are dependent on import of these two consumable items," said Ghosh in replying a barrage of questions from the journalists.

On rice price, the secretary said his ministry has already issued permissions to import 7.5 lakh tonnes of rice by different companies to tame its soaring price in the local markets.

The government has also reduced the duty to 25 per cent from 62 per cent on import of rice mainly to scale down the price of the staple in the local markets, the secretary also said.

However, at the press meet, the secretary declined to disclose the tariff commission's price calculation of the three commodities citing as sensitive information.

It was a review meeting of the ministry with the businessmen. So the prices of any commodities was not fixed here in this meeting.

"We are observing the price, supply, import and demand situation of basic commodities in the markets," the secretary also said.

For instance, the state owned Trading Corporation of Bangladesh has increased its operations and sales by two and a half times compared to last year to have an impact on the soaring prices of basic commodities, Ghosh said.