We have stocks of essential commodities, not go into panic buying

All over the world coronavirus spreads an alarming rate. Commerce minister Tipu Munshi on Wednesday urged people for not going into panic buying as the country had adequate supply and stocks of essential commodities.

‘We have stocks of essential commodities up by 25 per cent to 30 per cent now compared with that of the same period of last yeat,’ he said at a press briefing at the ministry.

Commerce ministry arranged the briefing following price hike of some products at retail market on Tuesday as people went into panic buying fearing supply shortage and price hike as impact of coronavirus.

‘We are assuring that there will be no shortage of essential products like rice, edible oil, onion and pulse as we have enough supply and stocks,’ he said.

‘Retailers increase the prices when people start buying huge volume of products at a time and stock at home,’ he said.

Prices of products did not increase at wholesale market, he added.

It would not be possible to control several lakhs retailers across the country, he said, adding that there was no alternative of awareness of consumers.