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Essentials price will not rise in Ramadan: FBCCI

The representatives of the manufacturers, wholesalers and retail sellers of necessary commodities said there is no scope for prices of daily necessary commodities to rise during the month of Ramadan.

This assurance came after a meeting organized by the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) on Saturday at FBCCI building in the city’s Motijheel.

The FBCCI president Md Jashim Uddin presided over the meeting while City Group director and the Bangladesh Oil Mills Association president Biswajit Saha, Finance and Operations of TK Group director Shafiul Taslim, Vokta Kantha editor Quazi Abdul Hannan spoke at the meeting.

In his address, the FBCCI president said the FBCCI has formed a 46-member market monitoring committee to keep the market stable during Ramadan. The members of the committee will monitor whether 46 products are being sold at the prices fixed by the government. They will also collect and review the market prices of essential commodities, supply situation, production and international market prices and pay spot visits to the market.

The president also said that besides the government, businessmen also have responsibilities to control the market. At the same time, he said, Prices of commodities are reduced ahead of the festival all over the world. Bangladeshi businessmen should also introduce the same culture, Jashim Uddin called.

Stating that the prices of various raw materials and commodities have gone up in the world market, the FBCCI president demanded the government to adjust tax and duties. Reducing duty and tax rates would not affect the government’s revenue collection, as the prices and shipping costs are high, rather tax adjustment would provide relief to the consumers, the president added.

The FBCCI president also said the skyrocketed price of commodities, raw materials, and ship fares in the international market due to the situation in Covid and Russia-Ukraine, the credit limit of the business has been exceeded. To address the situation, the FBCCI has written a letter to Bangladesh Bank to increase the existing working capital loan limit by at least 40 per cent, the FBCCI president informed. At the same time, he urged to extend the loan moratorium facility till June 30, 2022.

Biswajit Saha said there is no chance to stockpile edible oil as they have to deliver the product within 15 days of the issuance of sales order.

Shafiul Taslim said that the whole business community has to take responsibility for the market manipulation of a few unscrupulous businessmen. However, there is no fear of market volatility during Ramadan. The mill owners have enough oil and there will be no shortage of supply in the market, he assured.

Quazi Abdul Hannan, editor of Vokta Kantha, complained that despite having no shortage of supplies, extortion hikes the price at retail level.

Joining the meeting online, president of Rangpur Chamber of Commerce and Industry Mostofa Sohrab Chowdhury Titu echoed the same reason and called for an end to extortion.

Among others, FBCCI senior vice president Mostofa Azad Chowdhury Babu, former vice President Md Halal Uddin, director M.G.R. Nasir Majumder, Md. Rejaul Kariem Rejnu, CIP, Mohammad Anwar Sadat Sarker, Tabarakul Tosaddek Hossain Khan, Bijoy Kumar Kejriwal, Joshoda Jibon Debnath, Harun or Rashid, Dr Nadia Binte Amin, Abu Hossain Bhuiyan (Ranu) and the secretary general Mohammad Mahfuzul Hoque were present at the discussion.