The New Nation - Internet Edition

UNB, Dhaka

Commerce Minister Lt Col (retd) Farooq Khan Sunday said that the existing Price Monitoring Cell at his ministry would be strengthened to keep the prices of essentials at tolerable level.

Briefing newsmen at the Commerce Ministry after the Cabinet Meeting, he said the monitoring cell would regularly monitor the prices in the local market and also in international market.

"If any major discrepancy is found in any price of essentials, the cell will review the entire matter-L/C opening, international price, freight charge, profit margin and other things. Finally, we'll take action against the corrupt practices if the price is found to be beyond the tolerable level," the new Commerce Minister said.

He, however, said the "excessive extortion" at different points of goods transportation was the main reason behind the irrational prices. "But now that illegal extortion has been stopped there is no reason for price hike."

Replying to a question about the so-called syndicates behind price manipulation, Farooq Khan said syndicate as such is not bad. But if the syndicate is found to be responsible for hoarding and increasing the prices irrationally, then punitive action would be taken against it.

Seeking the help of the business community, the Commerce Minister said they have a responsibility to help the government in keeping prices lower.

He also said it's nice that the prices of most of the commodities are decreasing and it's a positive sign. "We'll try to maintain the supply chain working so that prices could come down more."

Farooq Khan said the Prime Minister has directed all the ministers to get fully acquainted about their ministries within a week and refrain from any irregularities that may tarnish the image of the government.

"All the ministries were asked to implement the Awami League manifesto as per their respective policies," he added.