Businesses promise not to increase prices of Ramadan goods 

Leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex body of the country's business community, have promised not to increase the price of any product during the fasting month of Ramadan, which began today.

At the same time, they have called upon traders to consider selling products on discount in some parts of Dhaka.

"This time, it has been decided that if the price of a product increases abnormally in any market, the market committee's licence will be revoked," said FBCCI President Jashim Uddin at a discussion on Thursday.

He said the meeting on the import, stock, supply, and market situation of daily necessities on the occasion of Ramadan at the FBCCI boardroom has been convened to inform every trader about the decision.

"So we don't want anyone to create volatility in the market, and for that, traders are penalised," he added.

Jashim Uddin said some companies, including TK Group, Meghna Group, and City Group, will sell products at discount rates.

"They also said in the meeting of the commerce ministry that they will not increase the price of products. Product stock is also normal. So I see no reason to increase the prices," he continued.

He further said the country's apex trade body would recommend the import of broiler chicken and beef if the unreasonably high prices of the products are not reduced.

"Protection is being given to the local industry by restricting imports. But if traders destabilise the market, there will be no choice but to import. Then, we will not worry about their protection," he warned.

He criticised the additional duty on sugar imports and said, "Sugar is an essential product. Why will it be taxed at 60%? Even if it is reduced by at least 50%, there will not be so much volatility in the sugar market."

Jashim Uddin said if the government needs to increase revenue, it will collect it from other sectors, posing a question, "Why does the government put so much pressure on essential products?" 

He said protection is no longer beneficial because less than 30,000 tonnes of sugar are produced locally.

However, the FBCCI president did not allow Abul Hashem, vice-president of the Bangladesh Sugar Traders' Association, to speak about the crisis in the sugar market.

"You always talk inconsistently, you don't need to talk now," Jashim Uddin took a dig at Hashem.

As Abul Hashem wanted to speak forcefully, Jashim Uddin told him, "You will never be invited to the FBCCI again. You get lost."

However, Md Mofizul Haque, president of the sugar traders association, said there is a shortage of sugar supplies. That's why wholesale sugar of Tk102 per kg is selling for Tk106-107.

"I have been saying this for six months, but to no avail," he added.

At the meeting, Biswajit Saha, executive director of City Group, said, "We have sufficient supply of sugar and edible oil."

"If the supply of gas is normal, there will be no shortage of any product during fasting."