Commerce Secretary Md. Mofizul Islam said the stock of every essential food items are in plenty and warned specialised business associations to keep prices stable during Ramadan or face actions.
His remarks came at a discussion meeting, organised by Dhaka Chamber of Commerce & Industry (DCCI) at the DCCI auditorium in the capital on Tuesday.
Leaders of specialised business associations took part in the open discussion session.
“There are no reasons for prices to spiral during Ramadan” he said adding that the government will take actions against the traders who will try to make the market volatile.
The commerce secretary also called upon the businessmen to do business in an ethical manner.
Moreover, he urged the consumers not to buy commodities more than requirements as it is one of the main reasons of price hike.
The business men, at the event, agreed that the stock of essentials to be sufficient at this time but sought government’s help to control extortion and slashing of transportation cost.
They also requested government to identify the reasons of price gap between the wholesale and retail market.
Osama Taseer, President of DCCI in his welcome address, said in the previous years prices of some essentials like chick-pea, sugar, rice, milk, edible oils, dates and grass-pea spiralled.
According to Trading Corporation of Bangladesh (TCB), prices of some items have increased by 26 per cent during March-April of this year, said Mr Osama.
He said traditional supply system, artificial crisis by illegal hoarding, lack of market monitoring, extortion in transportation sector, traffic congestion and increased transportation cost might be the reasons behind the hike in price.
Price hike especially in the month of Ramadan may fuel inflation, commented the DCCI chief.
Taseer also appreciated TCB's role for selling essential commodities in the open market to break the monopolistic nature.
He further requested the government to expedite this initiative of TCB in the district and upazila level to ease the price of daily needed commodities.
Mr Taseer also recommended speedy custom clearance of necessary products at the port, stern actions against extortion in the transportation sector, effective market monitoring system, evening banking facility and displaying prices in the market.
DCCI Senior Vice President Waqar Ahmad Choudhury gave concluding remarks.
DCCI Vice President Imran Ahmed, Directors Alhaj Deen Mohammed, Enamul Haque Patwary, Mohammad Bashiruddin, among others, were present.
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