Govt to fix prices of 8 essential items: Munshi

The government will make price adjustments to eight commodities — edible oil, rice, wheat (flour), sugar, lentils, onions, rods and cement — to protect the consumers’ rights, Commerce Minister Tipu Munshi said on Tuesday.

The Bangladesh Trade and Tariff Commission will determine what Munshi said the ‘reasonable’ prices of these products within the next 15 days. The minister was talking to journalists at a press conference after a meeting held at his ministry at the Secretariat in the city.  

Legal action will be taken against traders charging more than the set prices, minister Munshi sounded a note of caution at the press conference held to review the prices of daily necessities and their supply in the markets. Senior Commerce Secretary Tapan Kanth Ghosh also attended the meeting.  

From now on, the government will take strict legal action alongside realising fines from the unscrupulous traders if they manipulate prices, the commerce minister said.

Bangladesh Trade and Tariff Commission (BTTC) and Directorate of National Consumer Rights Protection are working relentlessly to protect the consumers’ right and helping different trade bodies and traders run their businesses smoothly, said the minister.

However, it is being seen that some dishonest traders have increased the prices of some commodities abnormally, he said.

He said the government has been determining the prices of edible oil as the prices of it went up in the international market.

Now, the Bangladesh Trade and Tariff Commission will fix the logical prices of the daily essentials in consultation with the respective trade bodies and the traders on a monthly basis and the activities will begin soon, the minister said.

The prices of soybean and palm oil came down in the international market but it did not bring any benefit to the local consumers due to the appreciation of dollars, he said.

The government remains alert in this regard and it will readjust the oil price in accordance with the world market, he said.

“We have already revoked import tax on rice to keep prices stable at the local market. The fuel oil price has also been brought down. We will make a similar decision if necessary in importing the daily essentials,” he said.

The government will remain watchful so that no one can take any unwarranted opportunities in the name of protecting the consumers’ rights, local mills and industries, he said.

“We will also take stern legal action if anomalies are found in this regard,” warned the commerce minister.

Dollar impact

In response to a question, he said that the high price of the dollar in the international market is also an opportunity for the businessmen (especially the exporters) of our country.

“Usually our Tariff Commission fixes the price of edible oil sitting from time to time. If you ever need to increase, sit with them (businessmen) and increase it. But when prices fall in the international market, its impact occurs slowly, if any,” Munshi added.

“We have noticed that the prices of various items have increased, which is not acceptable. Not all is what our Commerce Ministry was supposed to see, though. There is the issue of agricultural products, there is rice, which the Ministry of Food or the Ministry of Agriculture will look into. Then comes the prices of eggs. Egg prices have increased at the wholesale level.”

He said they never imagined the eggs’ price would misbehave. “We are not concerned about it.”

He said if necessary, Bangladesh will import eggs. However, the prices of eggs fell recently.

The minister said the meeting discussed how to reduce or correct prices of essential products.

The Minister said the government has reduced the tax on rice. So that the cost of import will be Tk 8 less per kg.

From now on, the tariff commission will review the prices of these products and make any required adjustments.

He said he is ready to sue the price manipulators.

“The law offers a three-year jail term or somewhere there is a higher fine than that. We will take that step. Whatever we have in our grip, that will be exercised.”

Munshi said there are various reports that the prices of goods have decreased in the international market. “Yes, it’s true. We have reduced the price of soybean oil and the price of palm oil. But unfortunately, the dollar price has gone up and it is not allowing us to accrue the benefits of price fall in the international market.”

He said, “Our government has reduced the price of fuel oil yesterday, we will see what its effect is on the market. In today’s situation, the price of various goods in the market is increasing and decreasing depending on the prices of dollars. It is difficult to coordinate all of them. “But, we will take all of them seriously and take necessary measures.”