‘Can’t visit market every day to control prices’

Commerce Minister Tipu Munshi yesterday said the price of daily essentials drop whenever he visits a kitchen market but ultimately rise again once he leaves.

"This is not right," he told reporters at the Islamiya Shanti Samiti in Karwan Bazar after visiting the kitchen market in Dhaka.

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Traders offer various discounts during festive seasons abroad, such as Christmas in the US or Durga Puja in India.

"But if we businessmen take advantage of the month of Ramadan, when people are supposed to show restraint, then Allah will not forgive us. So we need to keep fair prices," Munshi said.

The commerce minister went on to say that if any product prices go up due to extortion, then he will personally speak to the home minister so that stern action is taken against the wrongdoer.

"Just tell me exactly where such extortion is taking place," he added.

Mentioning the need for corporate management to control the market, Munshi said it is not his job to visit and regulate the market every day.

"If I spend three hours in the market every day, how can I control the 50 billion export target I set," he asked.

While addressing business leaders, the commerce minister said every shop should have a price list, which is now available in most stores.

"My instructions are that if there is no price list in the shop, action will be taken," he added.

Munshi also informed that about 80,000 to 90,000 tonnes of soybean oil has arrived in the country since the government's move to reduce value-added tax on imports of cooking oil.

As such, there is adequate stock against domestic demand, so no unscrupulous businessman should take advantage and the consumer rights watchdog has been directed to not make any concessions in this regard.

Besides, there is no reason to stock up on a whole month's supplies during Ramadan as it is better to buy only as much as needed, Munshi said while assuring that there will be no shortages in the market.

However, there is still a big gap between retail and wholesale prices despite efforts to prevent such disparities.

"We are coming to the market again and again to sit with traders as product prices have gone up. Although there is not much of a problem in wholesale markets, there is a big difference in price when it comes to retail," he said.

"I have seen some inconsistencies in the rice market. Coarse rice is Tk 43-44 per kilogramme at wholesale but it increases at retail," Munshi added.

Tapan Kanti Ghosh, secretary of the commerce ministry; AHM Safiquzzaman, director general of the Directorate of National Consumer Protection; and Monjur Mohammad Shariar, director, were present.