DHAKA, Aug 30, 2022 (BSS) - Commerce Minister Tipu Munshi today said
the Bangladesh Trade and Tariff Commission (BTTC) will fix the prices
of nine essential commodities to ease public sufferings.

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.