The New Nation - Internet Edition

Staff Reporter

Businessmen yesterday made a commitment to bring down the prices of essentials and keep market stable during Ramazan.

The commitment came from a meeting arranged by the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) at its office yesterday.

FBCCI president Annisul Huq moderated the meeting attended by local business leaders including presidents of district level chambers of commerce and industries. In the meeting, importers, big traders and wholesale businessmen blamed the retailers for price hike in the market.

Business leaders identified a huge gap between retail and wholesale prices of essentials for unreasonable price hike in the commodity market.

"Retailers don't fear to charge skyrocketing prices from customers arbitrarily. There is no accountability for the retailers. Their memo books should be checked regularly to see at what prices they buy and what prices they sell goods," Enayet Hossayn, member of the price monitoring cell of the FBCCI, said.

The business leaders informed that prices of palm oil has decreased by Tk 10 per titre in the international market. But the retail price in Bangladesh is yet to come down.

Wholesale price of Soyabean oil is Tk 107 per litre which is being sold at Tk 116-117 in the retail market, they said.

Kamaluddin Ahmed, Convenor of Price Monitoring Cell of the FBCCI, admitted the existence of "limited syndications" by a section of importers or traders behind excess prices of some essential items.

"You cannot term it as businessmen's syndication for tampering prices. If a countrywide group of businessmen in an axis to increase prices, you could blame it so," said the top-level importer cum business leader.

However, some of the businessmen denied the existence of 'syndicate.' "It is absurd… a creation of the media," said Golam Moula, general secretary of Moulovy Bazaar Babosayee Samaty, who is also a major importer and supplier of sugar, oil and some other items.

"The traders do not reveal the real situation of their stock of goods even before the local chamber of commerce, the meeting was informed. So, it is a tough job to disseminate accurate information on market and control the prices," FBCCI president Annisul Huq said, replying to a question.

At the start of the meeting, in presence of journalists, the FBCCI chief categorically wanted to know from local business leaders, when and to what extent the prices of essentials will come down.

Journalists also sought specific announcement of business leaders about their commitment on price cut.

But the importers and business leaders could not say how much the prices will come down.

However, the business leaders promised to stop profiteering during Ramjan. District level business bodies including chambers of commerce will operate temporary shops during the month to sell rice, oil, pulse and some other goods at cheaper rates to poor people.