'Tariff Commission to fix prices of 9 commodities'

Commerce Minister Tipu Munshi on Tuesday said the Bangladesh Trade and Tariff Commission (BTTC) will fix the prices of nine essential commodities to ease public sufferings, reports BSS.

The products are rice, flour, flour (fine), edible oil, sugar, lentil, onion, mild steel (MS) products and cement.

"The Tariff Commission determines the reasonable price of edible oil. Similarly, the fair price of some other products will be fixed within the next 15 days after sitting with the traders," he told reporters after a meeting with the stakeholders regarding the progress of supply, stock-up and product import in the market at the Commerce Ministry in the city.

He informed that if the price of any other products increases illogically, the government will also fix the price of the product. 

The minister also warned of legal action if anyone is found charging more than the prescribed prices.

The person or businessman accused in the case can be jailed for three years, he added.

Tipu Munshi said, "The Commerce Ministry has noticed that the prices of these commodities skyrocketed recently by taking unfair advantage of the global instability and appreciation of dollar in the domestic market. This was not fair. We conducted regular operations against the ill-practice through various organisations including the Directorate of National Consumer Rights Protection (DNCRP). However, it failed to do the job and stabilise the market."

"In such a context, the Ministry of Commerce has held this meeting with all the stakeholders of the concerned products to determine the fair price as per international market price, as well as, the domestic production and supply situation," he added.

"In case of violation of the price fixed by the government at any level, concerned authorities have been instructed to take legal action and fine the person or business," he cautioned.

He further noted that all agencies, in charge, at the field level, including the DNCRP, and Bangladesh Competition Commission, have been given a clear order to file a case if a trader is found to be manipulating the govt-approved fixed rate.

"Punitive measures should not end with mere fines," he asserted.

In the briefing, Senior Secretary of the Commerce Ministry Tapan Kanti Ghosh and BTTC Chairman Mahfuza Akhtar, among others, were present.