Secretary at the Ministry of Commerce and Supplies (MoCS) Lal Mani Joshi attributed the soaring prices of basic essential commodities to hoarding by major players in the market.[break]
“We have found that artificial shortage by major supplier is the key reason behind ballooning prices of essential commodities in the market ahead the major festivals,” said Joshi at an interaction jointly organized by Society of Economic Journalists-Nepal (SEJON) and Nepal Chamber of Commerce (NCC) on Sunday.
Joshi, however, said increasing prices in the international markets has also led to some price rise of imported commodities in the local markets.
“We can´t control the price of imported commodities that are priced in line with the international market. However, we are coming up with market monitoring plans to rein in the prices that are influenced by the domestic causes such as black marketeering,” said Joshi.
Though officials of the Ministry of Agriculture Development have estimated that country would enjoy a surplus of around 880,000 tons of rice this year, market is witnessing the continued rise in the prices of rice for last few months.
“Given the current surplus we need not import rice. However, we are seeing shortage of rice due to hoarding by major dealers in the market,” said Joshi.
He also expressed commitment to bring the black marketers to book if they continue unethical market activities to make the quick profits by creating artificial shortage in the markets to push up prices.
Hari Narayan Shah, general manager of Nepal Food Corporation (NFC) said prices of essential commodities had been going up in the absences of effective market monitoring.
“Though imported commodities have become dearer due to weakening Nepali currency vis-a-vis US dollar, other commodities are priced higher amid unchecked hoarding and weak market monitoring,” said Shah.
He also said NFC was planning to intervene in the market during Dashain and Tihar festivals by setting up fair price outlets in the capital and other parts of the country.
In view of soaring sugar price in the domestic market, state-owned National Trading Ltd (NTL) and semi-state-owned Salt Trading are procuring sugar from India ahead the major festivals.
Gopal Ghimire, chief of the sales promotion department of NTL, said it was planning to import 5,000 tons of sugar soon. Similarly, STC is also planning to import 15,000 tons of sugar to ease the supplies during the festive period.
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