Govt to fix prices of nine products: Tipu

The government is going to fix the prices of nine essential items within the next 15 days to stabilise the local commodity market.

Among the nine are seven food items and two construction materials.   

The nine items are — rice, atta, flour, oil, sugar, red lentil, eggs, cement and rod. The authorities concerned will also take legal actions against traders if they do not sell the items at administered rates.

The Ministry of Commerce on Tuesday took the decision at a meeting with stakeholders at its office.

“The government will decide on the exact prices of these nine products, taking into consideration the global market price, domestic production, and supply situation,” Commerce Minister Tipu Munshi told reporters after the meeting.

“Further product pricing will be done if required. After that, anyone found not complying the announced prices will be prosecuted. Close monitoring will be ensured so that none gets the chance to monopolise the market,” he warned.

The minister said until now, the Tariff Commission used to set the prices of edible oil and sugar only. But in recent times, the prices of these commodities have increased excessively due to the global instability and dollar price hike in the domestic market, which should not have happened, he added.

Tipu said the issue has come to the attention of the Ministry of Commerce and to keep it under control, regular drives are being conducted through various organisations including the Directorate of Consumer Rights Protection.

The minister said despite the drives, stability in the market could not be established.  Under the situation, this meeting was held with all stockholders to discuss on fixing or reducing prices.

“Bangladesh Trade and Tariff Commission has been given the responsibility to fix the fair prices. They will decide prices by the next 15 days after discussion with all stockholders,” Tipu Munshi said.

He said all organisations at the field level including the Directorate of Consumer Rights Protection and Bangladesh Competition Commission have been clearly directed to file cases against errant traders.

He said case should be filed only if a trader manipulates any product or sets unreasonable prices. Penalties should not be limited to fines only for charging more than the prescribed price.

“We are not getting the benefits of price reductions in the global market. In addition, there is a pressure of dollar price hike in the country,” the minister said.