‘Resolve LC settlements, cut tariff on sugar import’

Importers and millers have urged the government to resolve the existing LC settlement problems, cut tariffs on sugar imports and increase gas pressure in mills and factories to keep the prices of daily essentials stable during Ramadan.

They made the call at a meeting on the situation of daily essentials’ stock, import, supply and prices ahead of Ramadan at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in Dhaka on Sunday.

At the event, Bangladesh Sugar Refiners Association representative and Meghna Group of Industries Senior Assistant General Manager Taslim Shahriar said they have severely suffered due to the low gas pressure in the past few months.

“The market may see a sugar crisis in near future if the gas crisis is not resolved soon. Also, many ships are stuck at the ports owing to LC settlement issues and that is hampering our business,” he added.

Taslim said that apart from Brazil, no other exporters in the international market are exporting sugar and that is a big problem. “Sugar price won’t drop in future if the import duty is not revised. The tariff should be cut on sugar import to help the prices remain stable during Ramadan.”

City Group Director (corporate and regulatory affairs) Biswajit Saha said, “We are facing huge difficulty to open LCs even after sending letters to the Commerce Ministry and Bangladesh Bank. Also, LC settlements are not happening on time and products are not getting unloaded at the port. These are big problems.”

Bangladesh Wholesale Edible Oil Traders’ Association President Golam Mawla said the edible oil would not be a cause of suffering for general people during Ramadan if supply remains normal and not disrupted. “So, necessary steps should be taken to that end.”

Retailer association leaders Haji Abul Hasem and Shafiullah urged the millers and wholesalers to provide accurate receipts while selling oil and sugar. “We get fined from time to time for not having the proper receipts because many millers and wholesalers don’t provide them as per the government’s fixed rate.

“The prices of all products should be separately fixed for millers, dealers and retailers to bring disciple in the market,” said Abul Hasem, vice president of Bangladesh Chini Babsayee Samity.

Addressing Sunday’s meeting, Directorate of National Consumer Rights Protection Director General AHM Shafiquzzaman said that all traders get generalised and called dishonest whenever the market becomes unstable but this is harmful to the country’s economy. “We need to stop doing that.”

“It is necessary to have an invoice of sale to stop manipulation and abnormal hike of prices of daily necessities,” he added.

FBCCI President Md Jashim Uddin said traders need to be honest and aware so that no one can destabilise the market by creating artificial crises.

He urged the wholesalers and retailers to do business systematically and issue proper invoices to keep the product prices stable and normal.

“FBCCI has already formed a 46-member market monitoring committee to keep the market stable during Ramadan. They have already started working. The committee members are visiting markets and are reviewing the prices of essential commodities, supply situation, production and international market prices,” he added.

He also urged businesses to adopt the Middle Eastern practice of lowering the price of necessary goods during Ramadan.

FBCCI Senior Vice President Mostofa Azad Chowdhury Babu said, “We should do business considering our economic situation. Artificial crisis of the essentials should not be created, especially during the holy month of Ramadan.”