Govt moves to stabilise essentials market
Commerce Minister Faruk Khan yesterday said the government would reduce duty on the import of some basic commodities within two or three days to stabilise the market during the month of Ramadan.
The minister, however, did not mention the reduction percentage of import duty on the essentials.
"I have already talked to the prime minister about the reduction of import duty on the essential commodities to keep the market stable during the Ramadan," he said.
Faruk Khan disclosed the government decision at a view exchange meeting with the leaders of wholesalers and retailers from Karwan Bazar.
He blamed both the wholesalers and retailers for price spiraling of the essentials ahead of the Ramadan.
"I have noticed that some associations related to basic commodities business also have increased the prices of commodities as they forget their due role," he said.
Asking the businessmen not to make a windfall profit keeping the consumers under pressure, the minister said he would take all steps to reduce the harassment on transportation of perishable goods.
The minister also warned that the government would launch mobile courts to monitor the market if it requires.
Blaming the media for their report on price hike, he said sometime some media do not report properly on the prices of essentials.
Acknowledging the fact that extortion is a reason behind the price hike, the minister urged the businessmen to help police administration stopping extortion.
"I would consult with the Bangladesh Bank governor soon on how to arrange small scale loan for the perishable goods traders," he said.
He again asked the wholesalers and retailers to preserve the cash memos and hang price charts to ensure fair prices for the consumers.
The minister asked the business leaders to play their due role for keeping the market stable.
He hoped that the prices of edible oil, pulses, date and sugar would take a downturn after reduction of duty on the essentials.
“There is no reason for the prices of essential items to be increased as the government has taken all necessary steps to ensure adequate supply of these items to meet the demand of consumers during the Ramadan,” he said.
He mentioned that supply of the essential items is sufficient in the local markets, as the traders have imported a huge amount of essentials despite a good production of those this year.
The government is importing edible oil, sugar and other essentials through Trading Corporation of Bangladesh, which would reach the local markets within a few days.
At the meeting, Annisul Huq, president of the Federation of Bangladesh Chambers of Commerce and Industry, urged the traders to make a rational profit, not a windfall profit during the Ramadan.
Huq also urged the wholesalers and retailers to form committees to monitor the markets so that media, consumers and other groups of the society cannot make any complaint against the business community.
He stressed the need for cooperation and coordination between the wholesalers and retailers to have a positive impact in the market of basic commodities.
The wholesalers and retailers urged the minister to stop extortion so that they can do their business freely.
Amir Hossain Khan, president of Bangladesh Shop Owners' Association, urged the businessmen to sell products at a fair price, not to take an 'unjustified price' from the consumers.
Amir Hossain, vice-president of Karwan Bazar Wholesale Perishable Goods Traders Association, urged the government to form a policy for wholesale (Aratdar) business.
Mosharraf Hossain, another vice-president of the association, urged the government for reducing the rent of shops as the Dhaka City Corporation has increased the rent recently.
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