The New Nation - Internet Edition

Staff Reporter

The soyabean oil price has increased yet another time in seven days of which there are no genuine reasons though the importers blame rise of price in the international market, adding, "It will not be a matter of surprise if the price touches taka 90 or more per liter in seven days."

In order to keep the soyabean price tolerable, government deleted 5 percent tariffs from the National Budget 2007-08 and hoped that the situation would improve. But instead thereof, price continued to mount from taka 72 to 84, which is not at all understandable. Meanwhile, the soyabean importers have also demanded removal of 15 percent VAT so that the price does not surge further. "We do not think that any deletion of VAT on the edible oil would be fruitful in the long run because trading in Bangladesh does not follow economics index," said a resident of Mohammadpur.

In truth, there is a big gap between the wholesale market and the retail market. The price of a thing sometimes becomes double when it reaches the retail market. One day, a retailer was selling small size of ruhit fish at taka 60 per kilo just 100 yards away from the wholesale where its price was taka 30 only. When asked, the fish vendor gave no reply as he had no reply.

The onion rice has already exceeded taka 60 per kilo, further rise of taka five after Eid. But there is no turmoil though nobody knows the end of its soaring journey. A consumer said, "I have asked my wife to halve the use of onion in order to stay within the monthly budget.But the measure might not be proved effective." Productions in the country being much lesser than the annual demand, consumers pay the price. The situation has gone worse with the banning of onion export to Bangladesh by India.

The consumers might face identical circumstances in case of rice also. India has banned rice export as well (in retaliation to hilsha fish export to India). A retailer on Sunday night was saying that the rice price would increase more as India had imposed ban on rice export to Bangladesh."

When he was reminded that the stock of rice with the government was sufficient to meet next ten months' emergent requirements, he nodded his head in disbelief. It is because people's sufferings do not move his heart to pity, as he understands profit only.

To quote prices of essentials is of no use if the concerned ministry does not take proper care. The move by the Para-military Bangladesh Rifles would have been more effective. In no loss of time, the Trading Corporation of Bangladesh and the Sena Kalyan Sangstha must be involved to water price inferno.