A move gets going to compile data about the nine essentials listed by the government to set their consumer-level prices, in a latest bid for cooling the overheated market.
Bangladesh Trade and Tariff Commission (BTTC) is collating the market data ahead of recommending reasonable prices of the mass-consumed items that became rather unaffordable for the commoners.
As per recent directives by the Ministry of Commerce to get to grips with the wayward market, the BTTC will have to determine the reasonable prices of nine essential products within 15 days.
The products are: rice, onion, wheat, flour, refined sugar, lentils, edible oils, and building materials Ms Rod and Cement.
The commission Wednesday sent letters to Mild Steel Rod (MS Rod) and Cement producers seeking 11 types of data in next three working days.
A senior official of the BTTC says the commission would write to the importers and relevant stakeholders seeking details of lentils, wheat and flour next Sunday.
"BTTC has available information on import and local production of onions, edible oils and sugar," he adds, indicating the homework being done before determining tariffs of the products.
According to the Essential Commodities Act 1956, the commodities are categorized as essential products. Recently, prices of the commodities increased sharply in domestic markets -- seen disproportionate to even global price spirals.
Considering the situation, the government has assigned the BTTC to prepare a report through analysing the prices of the products.
Earlier, the tariff commission used to set the price of edible oils and sugar only.
The BTTC has sought the data as per provisions of the existing Law.
In the letters it has sought names of raw materials (both imported or locally procured) used for MS products production, existing tariffs on import of raw materials, ex-bond copies of raw material imports in the month of July and August 2022, production cost (excel format), VAT input-out co-efficient, proof of post-production profit that is paid on supply chain, latest certified audit report of the company, flowchart of production method, copies of e-exp of latest export and contact of a focal point of the company.
Dollar shortage and fuel-price hike triggered price hike of commodities on the local market.
Recently, the Ministry of Commerce (MoC) incorporated the new items, including MS Rod and Cement, in the list of essentials to set their prices as their rates also climbed high.
Retail prices of the products will be adjusted by the government in 15 days on the basis of global price movements and local-market supplies, MoC officials said.
The BTTC will act as a focal point to analyse global prices and suggest rational prices of imported goods for the local market.
The Consumers Rights Protection Commission and the Competition Commission will monitor the implementation of essentials' prices at consumer level.
Recently, the Commerce Minister Tipu Munshi warned of legal action if anyone found charging more than the fixed prices. The person or businessman accused in the case can be jailed for three years.
As per the Essential Commodities Act, the government is empowered to intervene in the market to ensure fair prices and smooth supply of essentials.
