Govt active to deal with unscrupulous traders: Minister

There are both international and domestic reasons behind the price hike of daily commodities and the government is making all-out efforts to deal with the unscrupulous traders trying to manipulate the situation.

Commerce Minister Tipu Munshi said this after inaugurating the sales of daily essentials by the Trading Corporation of Bangladesh (TCB) at Badda in the capital on Sunday.

He said, “We know the price of which product is increasing in the market. It is true that some traders are trying to manipulate the situation. We are trying our best to solve that problem through the Directorate of National Consumers’ Right Protection.”

In response to a query about the volatile situation in oil and sugar markets, the minister said, “Soybean oil, lentil and sugar are import-dependent products. The price of sugar has increased in the international market in the last few days. The retail prices of the imported products have to be coordinated with the international market. We try to keep pace with the international market.”

He said, “A letter has been sent to the NBR requesting to continue the duty exemption on oil. Sugar duty exemption will end on May 31. A letter will be sent to continue this exemption also.”

“Oil and sugar prices in the market may come down if the duty exemption is continued. On the other hand, 99 per cent of the country’s sugar demand is met through import. As a result, a price increase in the international market affects the domestic market also,” he added.