.webp)
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has urged the authorities concerned and businesses to take necessary steps to keep the prices of essential commodities stable ahead of Ramadan by facilitating LC opening, regulating the market and stopping syndication.
In this regard, FBCCI President Mahbubul Alam on Monday suggested taking some steps, including tax reduction on essential products, facilitation of LC opening, keeping the LPG market stable, proper invoicing at both retail and wholesale levels, coordination between associations and chambers with deputy commissioners (DCs) to monitor markets, engaging highway police to stop extortion, and coordination between ministries.
He made the suggestion during a views-exchange meeting, on keeping the supply and prices of daily commodities stable during Ramadan, organised by FBCCI at Motijheel office in Dhaka.
Speakers at the meeting said that traders are facing difficulties in opening LCs due to the forex reserves crisis and rising US dollar rate.
The apex trade body, however, assured the businessmen of taking necessary initiatives to solve their problems.
Mahbubul said, “Syndicates cannot exist in a free market economy. Less than 1 per cent of corrupt traders create artificial crisis in the market which is undesirable. In other countries, prices of daily essentials fall before Ramadan but they become unstable in our country."
“Supply chain disruption is the main reason for the price hikes. We want no such disruption during Ramadan,” he added.
In addition to supplying products against increased demand during Ramadan, he asked authorities to keep an eye on the traders so there is no hoarding and no artificial crisis in the market.
Representatives of mill owners, wholesalers and retailers addressed the meeting and expressed their concerns. Bangladesh Dokan Malik Samity President Md Helal Uddin said they want better coordination between ministries.
Golam Mawla, President of Bangladesh Wholesale Edible Oil Traders Association, said, “There is an issue in our data, the current data is collected 18 years ago and we don't have the current market data.”
Amitava Chakraborty, representative of Bangladesh Oil Mills Association, said, “Making separate reserve for essential commodities, tax reduction, uninterrupted gas supply, make a knowledge based data bank for import-export basket should be prioratised.”
Bangladesh Restaurant Owner's Association President Imran Hassan said, “A task force should be formed to monitor the LPG price, Broiler chicken and eggs.”
Eshtiaque Ahmed, representative of Bangladesh Cold Storage Association said, “There are misinformation everywhere, coordination is must in every aspect.”
Bikash Chandra Saha, representative of Bangladesh Pulse and Lentil Crushing Mills Owners Association, said, “In Ramadan different types of pulses demand go high. We should stock up from now; otherwise there will be a crisis in Ramadan.”
Serazul Islam, President of Bangladesh Fresh Fruits Importer Association, said, “We couldn't import dates because of the tax hike. We tried to reduce the shortage but it may not be effective during Ramadan.”
Representative from poultry, dairy, fisheries and livestock, said that the price of fodder is high due to various reasons which leads price hike. If the price remains reasonable there will be no price increase in Ramadan.
Representative from Bangladesh Trade and Tariff Commission, said, “If you can create a structure according to the new National Tariff Policy 2023, it will be beneficial. We are ready to do any cooperation from our end.”
Md Abdul Jabbar Mondol, assistant director, directorate of National Consumer Rights Protection, said, “We want stability in commodity prices in the market. Consumer rights will be strictly monitored to ensure that it is maintained during the month of Ramadan.”
