Traders warn of soaring Ramadan prices amid market manipulation
Business Report :
Traders have cautioned that prices of essential commodities could rise sharply ahead of Ramadan if extortion, corporate manipulation, and disruptions in supply chains are not urgently addressed.
At a discussion hosted by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in Dhaka on Wednesday, wholesalers and importers alleged that law enforcement agencies were turning a blind eye to widespread harassment of traders.
The meeting was chaired by FBCCI Administrator Md Abdur Rahim Khan.
Speakers warned that without swift government action, market instability could worsen in the run-up to the fasting month.
They accused large corporations of driving up prices through control over packaging and distribution and called for import duty cuts, stronger monitoring, and decisive action against extortion.
Market leaders highlight extortion and price manipulation Representatives from Dhaka’s Shyambazar and Karwan Bazar markets said extortion by local syndicates is rampant, while corporate dominance inflates prices.
Farid Uddin, president of the Shyambazar Agricultural Products Traders’ Association, said, “A product worth Tk 3 becomes Tk 40 after packaging. The government must rein in these corporate houses. We also face bribes while loading and unloading goods.”
Omar Faruk, president of the Karwan Bazar Wholesale Traders’ Association, said market stability depends on uninterrupted supply. “If goods flow properly, prices will remain stable. Authorities must allow traders to operate without fear.” He also urged uniform pricing for soybean oil.
Zakir Hossain, president of the Super Market Owners’ Association, said harassment by officials has become routine during Ramadan, allowing a few traders to exploit the situation. Sirajul Islam, president of the Fruit Importers’ Association, added that high import duties inflate costs and encourage money laundering.
Calls for government intervention Representatives from Meghna Group and TK Group proposed direct government imports of sugar and edible oil to stabilise prices, citing production issues caused by low gas pressure.
FBCCI Administrator Md Abdur Rahim Khan said law enforcement and other agencies would be asked to take firm action against extortion and ensure smooth transportation of goods.
He also urged business leaders to prevent food adulteration while safeguarding consumer interests.