Business Today

That is why the government will fix the price of the product

The government has decided to fix the prices of nine products from now. The products are rice, wheat (flour, flour), edible oil, sugar, lentil, onion, MS rod and cement. Bangladesh Trade and Tariff Commission (BTTC) will determine the prices of these products every month by sitting with importers and traders.

Commerce Minister Tipu Munshi told reporters after the meeting about the decision taken in the meeting regarding the review of price, supply and market situation of daily necessities held at the Secretariat on Tuesday.

Although the Ministry of Commerce disagreed with the decision of the Minister of Agriculture. Abdur Razzaq. After the commerce minister’s briefing, when the journalists brought the issue to the attention of the agriculture minister at the secretariat, he said that the basic theory of economics is that the price of products is determined by supply and demand. There was no discussion with them regarding the decision of the Ministry of Commerce. And rice is being imported, it is also going to the open market. This will reduce the price.

Commerce Secretary Tapan Kanti Ghosh, BTTC Chairman Mahfuza Akhtar, Bangladesh Competition Commission Chairperson Md. Mofizul Islam, Trading Corporation of Bangladesh (TCB) Chairman Brigadier General Ariful Hasan, National Consumer Rights Protection Directorate General AHM Safikuzzaman, FBCCI First Vice President Mostafa Azad Chowdhury, Chittagong Chamber President Mahbubul Alam were present.

A report on nine products was presented by BTC in the meeting. It shows that the price of wheat has increased by 8 percent in one year in the international market. However, open flour and flour in the country’s market has increased by 67 percent, packet flour by 64 percent and packet flour by 59 percent.

Apart from this, the price of sugar in the country’s market has increased by 15 percent in one year. However, the price of raw sugar in the international market has decreased by about 11 percent. Similarly, the price of lentil in the international market has decreased by about 14 percent in a year. But in the country’s market it has increased from 29 to 39 percent depending on the standard. Same is the case with MS Rod. Steel scrap prices have fallen by 14 per cent in a year. 60 grade rod has increased by 15 percent and 40 grade rod by 16 percent in the domestic market. Apart from this, the price of cement has increased by 31 percent in a year.

In other words, it has been seen that the prices of products in the domestic market are increasing despite the decrease in the international market. Again, as much as it is growing in the international market, it is growing at a much higher rate than the domestic market. This matter has played a role in deciding to fix the price of the product.
If someone sells products beyond the fixed price, not only fine, but also a case will be filed from now on, said the commerce minister. He said, “We have noticed that the prices of various products have increased, which is not acceptable. However, not everything is to be seen by the Ministry of Commerce. For example rice is a product of Ministry of Food or Ministry of Agriculture. Egg prices have increased in the middle. It belongs to the Ministry of Fisheries and Livestock.

The Minister of Commerce said, ‘Currently, nine products have been fixed. Apart from this, if there is any daily commodity, it will also be brought. Rods, cement and eggs are discussed in detail. The discussion about eggs was not even in the idea. The meeting discussed how to fix the price. The high value of the dollar in the international market, taking advantage of the country’s businessmen were also discussed. Due to the influence of the international market, sometimes the prices of some products may not be reduced. But it will be seen that the consumers do not have to buy at a higher price than what should be.

In response to the question of how many days the price will be determined, the commerce minister said, ‘We will review the whole matter once every month. If the price increases in the international market, how much it will increase in the country will also be decided. BTTC will start the work in next 15 days.

If someone puts the price higher than the fixed price, he should go straight to the case – the commerce minister said, “The law has a provision of three years in jail or somewhere more jail-fine.” We want to go strong. I will encourage those who will do business properly. I will take action if wronged.

In response to the question whether the consumer department’s campaign will increase or not, the commerce minister said, “In the campaign, only fines are being imposed.” I said, minus the fine. Should be prosecuted and jailed. Will be tried in court. It turned out that he gained two lakh taka, and was fined 50,000 taka. He will be happy that one and a half lakh taka has been gained.

In response to a question, the commerce minister said that the price of edible oil has been reduced three times so far. Interestingly, soyabean oil is imported as much as 35 percent. 65 percent of imports are palm oil. Soybean and palm oil prices have decreased slightly in the international market, but this is not benefiting from the increase in the value of the dollar. The government is cautious about this. The price is adjusted every few days.

The commerce minister said that some duties have already been removed from rice imports. Fuel oil prices have also been reduced a bit. In the name of protection of consumer interest and protection of domestic industry, a check will be made to ensure that no one takes unethical advantage.