Govt body to probe unusual gap between wholesale and retail prices

Commerce, Industries, Textiles and Jute Minister Khandaker Abdul Muktadir has said the government will form a fact-finding committee to examine the unusual price gap between wholesale and retail markets.

At a discussion on the supply and price situation of essential commodities amid the US-Israel war on Iran yesterday, he said the government is closely monitoring the supply and pricing of essential goods.

He, however, said there is no reason for panic in the domestic market over the recent tensions in the Middle East.

Earlier the same day, the minister visited the wholesale market at Khatunganj.

He said an unacceptable gap is often observed between wholesale and retail prices in the domestic market.

“To identify the underlying causes, the government will form a fact-finding committee comprising representatives of traders, officials from the administration, and, if necessary, professionals from other sectors. The committee will review the issue in detail and submit recommendations,” he added.

Addressing concerns over the Middle East situation, the minister said most of the commodities currently available in the market had been imported before the war escalated.

He added that the government also has adequate fuel reserves.

“If international prices fluctuate, the government will take necessary policy measures to minimise the impact on consumers,” he assured.

Bangladesh still depends heavily on imports for many commodities, he said, noting that increases in global prices, exchange rates, or transport costs often affect domestic markets.

He also said, “The government remains vigilant so that prices do not rise unreasonably due to internal mismanagement or market manipulation.”

Supply remains adequate in the edible oil market, he said, though attempts to create artificial shortages at the retail level may occur in some areas, which do not reflect the overall market situation.

Following a meeting with business leaders at the Chattogram Circuit House later that day, the minister said the government plans to set up a modern laboratory at the port to test imported goods and install new scanners to strengthen inspection capacity.

He also said a separate fact-finding committee will be formed to resolve long-standing issues at the port, including nearly 10,000 auction-eligible containers and imported vehicles that have been lying there for years.

According to the minister, the proposed committee will include the chairman of the Chittagong Port Authority and the chairman of the National Board of Revenue, and may also seek advice from the finance minister if necessary.