The New Nation - Internet Edition

Staff Reporter

The government is going to take some new measures to bring down the soaring prices of essential commodities, said National Board of Revenue (NBR) chairman Mohammad Abdul Mazid yesterday.

After lifting the import duty on soyabean oil, the NBR chairman said decisions have been taken to withdraw the import duties on some other essential items, including rice, red lentil and flour.

It is learnt that the government will issue statutory regulatory orders (SRO) in this regard very soon.

Commerce Adviser Dr Hossain Zillur Rahman also echoed the NBR chairman, saying that the government hoped that the prices of essentials would come down with the new measures by the government.

He also said limited income group of people would be benefited because of the government's initiatives.

In spite of various steps taken by the government to control the price hike of essentials, no result has so far been achieved. The government has taken various steps, including fixing the prices of essentials, monitoring the market, introducing open market sale of rice and opening the Bangladesh Rifles controlled outlets across the country. But, the prices of essentials continue to rise unabated and already have gone beyond the purchasing power of common people. Finding no other alternatives, the government has recently decided to withdraw import duty on soyabean oil. Finally, the government has decided to withdraw import duty on some other important essential items.

Prices of food items have already broken all the records of the past seriously affecting the middle- and low-income groups of people in the country. The sky-rocketing prices of essentials are forcing the people to survive on virtually one meal a day in many parts of the country. Although the Taka has been devalued against US dollar several times by the Bangladesh Bank under the pressure of exporters and to boost the country's foreign exchange reserves, incomes of the common people have not been raised at all. Economists think that boastful remarks over the issue of huge foreign exchange reserves have not brought any benefit to the common people. Rather, their sufferings have mounted due to frequent devaluation of Taka against US dollar and taking no steps by the government to increase their incomes.