Traders and the government's market watchdog, the National Directorate of Consumer Protection, have expressed concern over the potential destabilization of the spice market during the upcoming Ramadan period. They reported that the prices of most spices, including ginger and garlic, have already increased by nearly 50 percent. In response, spice traders have requested the swift opening of Letters of Credit (LCs), the relaxation of import duty, and the cessation of monitoring operations in the market in order to maintain market stability during Ramadan.

On Monday, a discussion was held with the National Directorate of Consumer Protection to regulate the price and supply of hot spices. Retail and wholesale traders have accused importers of keeping prices artificially high, while importers claim that the government has ceased LCs from Turkey and Afghanistan. The price has also gone up in the Indian market. In addition, the current import duty on spices is up to 58.6 percent.

Director General of Consumer Affairs AHM Shafiuzzaman stated that the LC issue is normalizing and he will engage with concerned parties to resolve the issue quickly. Discussions with the National Board of Revenue are underway regarding the duty structure of daily necessities for Ramadan, including the issue of spices.

According to the government's marketing agency, the Trading Corporation of Bangladesh (TCB), the price of garlic has increased by 37 percent in a month and 57 percent in a year, while ginger prices have increased by 48.5 percent in a month and 135 percent in a year. Cumin prices have increased by 21.63 percent in a month and 87.5 percent in a year.

Director General Shafikuzzaman urged traders not to use Ramadan as an opportunity to increase prices and warned that dishonest traders may face severe consequences if the market is destabilized through stockpiling. To ensure the stable supply and normal prices of daily necessities during Ramadan, market operations will be intensified in coordination with all parties. He also emphasized the importance of displaying the price list of products and proposed the abolition of market committees in markets where the price list is not displayed. The directorate will submit a proposal to the Ministry of Commerce in this regard.