Government’s new initiative to investigate market price differences

Minister for Commerce, Industry, Textiles and Jute Khandaker Abdul Muktadir has announced the formation of a fact-finding committee to investigate the reasons for the unreasonable gap in product prices in the wholesale and retail markets.

He said that the committee formed by the Ministry of Commerce will review the matter in depth and provide necessary recommendations.

He said this while speaking as the chief guest at a view-exchange meeting titled 'Middle East Conflict: Review of Consumer Goods Supply and Price Situation' organized at the conference room of the Khatunganj Trade and Industries Association after inspecting the situation of commodity prices in the Khatunganj wholesale market in Chittagong on Sunday (March 15).

The Commerce Minister said that unacceptable price differences are seen in many cases in the wholesale and retail markets. A fact-finding committee will be formed with business representatives, members of the administration and other professionals to investigate the real reason for this gap.

He said that Bangladesh is still an import-dependent country. It is natural for the price of goods to increase in the international market, the appreciation of the dollar or the increase in transportation costs to have an impact on the domestic market. However, the government is vigilant to ensure that the price of goods does not increase unreasonably due to internal management or control.

Regarding the import of foreign fruits, the minister said that there are some fruits that need to be within the reach of the common people, such as apples, grapes and oranges. The government will consider policy steps if necessary to keep the prices of these fruits within the purchasing power of the people. However, there is no need to reduce customs duties on overly expensive luxury fruits.

The minister further said that in a free market economy, the main driving force of trade and commerce is the businessmen. The government's job is to ensure a favorable environment for business and investment and to ensure that the market can operate without obstacles and normally.

Calling on businessmen on the occasion of the month of Ramadan, he said that if businessmen prioritize the interests of the people and ensure the supply of goods at fair prices, it will set a positive example in the society.

He thanked all concerned, including wholesalers and retailers, stating that the edible oil market has been relatively stable during the current Ramadan. However, he expressed concern about the tendency to charge excessive prices on the pretext of limited sales despite adequate supply of edible oil in some places.

The meeting, chaired by Khatunganj Trade and Industries Association President Md. Abdus Salam, was attended by Commerce Ministry Secretary Mahbubur Rahman and Chittagong District Commissioner Mohammad Zahidul Islam Miah as special guests.