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Turning a blind eye to price rises of some essential commodities already overwhelming consumers, traders on the eve of Ramadan yesterday assured that the basic foodstuffs would not get costlier during this month of fasting.
Chicken, pulses, dates and a number of spices are the latest items to undergo price spirals as consumers prepared to embark on this period of spiritual discipline.
Broilers now cost Tk 165 per kilogramme, up over 11 per cent in one week while lentils Tk 110, up over 4 per cent.
Yesterday, dates, one of the most popular fruits consumed at iftar, retailed for Tk 150-Tk 450 in Dhaka’s markets, up 20 per cent from that a week ago, according to prices data compiled by the state-run Trading Corporation of Bangladesh (TCB).
The price of a five-litre bottle of edible oil which shot up to as high as Tk 840 at retail early last month declined over the last 10 days after the government slashed VAT at import, production and trading stages.
While consumers are only paying 5 per cent VAT on the cooking item, the price of loose palm oil increased marginally over the past one week.
Another major respite for consumers is a decrease of the price of onion, a popular vegetable used as a key spice here.
Representatives of the wholesalers, retailers, processors and importers at a meeting organised by the FBCCI yesterday confirmed that there was an adequate supply and that they do not see any possibility of a rise in prices.
“…rather we will reduce it to some extent during this month,” said Shafi Mahmud, president of Bangladesh Pulse Traders Association.
Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), demanded that the government adjust taxes and duties to lower prices.
The FBCCI formed a 46-member committee to monitor market prices of 46 products, he said.
The FBCCI has written a letter to Bangladesh Bank to increase the existing working capital loan limit by at least 40 per cent, informed Uddin.
Biswajit Saha, director for corporate and regulatory affairs of City Group and president of Bangladesh Oil Mills Association, said rules stipulate that products have to be delivered within 15 days of the issuance of sales orders.
He claimed that this gave no scope to stockpile edible oil.
Md Shafiul Ather Taslim, director of TK Group’s finance and operations, said the whole business community was having to bear the blame of price manipulation by a few unscrupulous businesspeople.
Mostofa Sohrab Chowdhury Titu, president of the Rangpur Chamber of Commerce and Industry, called for an end to extortion.
(TDS)
