Syndicate active in spices market: DNCRP

National Directorate of Consumer Right Protection (DNCRP) Director General AHM Safiquzzaman has said that a syndicate of traders has made the market of spices volatile ahead of Eid-ul-Azha to make unethical profits.

“A group of traders is creating a stir in the market, resulting in increased prices of various spices including ginger, onion, cumin, and cardamom. The volatility in the spices market is being created targeting the upcoming Eid. Reports of various intelligence agencies also say so,” he said while addressing a meeting with wholesale and retail traders at the DNCRP office at Karwanbazar in the capital on Sunday.

He said mobile courts will be conducted strictly from Monday at different kitchen markets including Karwanbazar, Shyambazar, and Moulvibazar in the capital to control the price hike of spices.

The meeting was organised by the DNCRP in order to stabilise the price and supply of different spices including ginger, onion, and garam masala.

“Various associations or market committees should play a leading role in keeping the spice market stable. If the associations or committees fail to control the prices, the directorate will take strict action against the committee and dishonest traders,” the DNCRP DG warned.

“If the importer of spices shows a lower price in the LC, it will be investigated by the authorities concerned. If the prices of spices are increased in the name of beautiful packaging, that will also be monitored,” he added.

Urging the businessmen to do business in accordance with the existing laws, he said, “If the traders inform us, we will try our best to resolve any problem regarding the clearance of spices at the port.”

“In order to keep the spice market stable during Eid, the directorate will closely monitor the spice market across the country from tomorrow (Monday) and we will keep it under surveillance for a week,” he added.

At the meeting, DNCRP Director Manzoor Shahriar said, “The spice market was stable throughout the year, now that Eid is approaching, it has become volatile suddenly. Some traders are indulging in a futile attempt to manipulate the market.”