Stabilise Ramadan Prices: Business leaders call curbs on big importers, extortion
Staff Reporter :
Business leaders on Sunday (9 February) called for stronger oversight of large importers and tougher action against alleged extortion networks, warning that harassing small retailers will do little to keep prices of essential commodities stable ahead of Ramadan and the national election.
They alleged that so-called “macro-level” extortion involving sections of the police and administration is a major factor behind market volatility, as such practices add hidden costs that are ultimately passed on to consumers. Instead of repeated enforcement drives against small shopkeepers, the speakers urged authorities to focus monitoring on large importers, mill gates and other critical points in the supply chain.
The demands were raised at a consultation meeting organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to review the import, stock, supply and price situation of essential goods ahead of Ramadan. The meeting, held at the FBCCI building in Motijheel, was chaired by FBCCI Administrator and Additional Secretary to the Ministry of Commerce Md Abdur Rahim Khan.
Abdur Rahim Khan said FBCCI, as in previous years, would closely monitor the market during Ramadan to help ensure smooth supply and reasonable prices so consumers can purchase essentials at fair rates with the cooperation of businesses.
He noted that the volume of letters of credit opened this year is significantly higher than last year, which he described as a positive sign for market stability. He also urged all stakeholders to act responsibly to avoid any abnormal behaviour that could disrupt supply chains.
Mohammad Imran Master, president of the Bangladesh Raw Materials Wholesale Traders Association, said perishable goods are difficult to control through syndicates due to their nature. He said supplies of onions, chillies, brinjal and coriander are adequate, adding that prices may rise slightly at the start of Ramadan if demand surges, but such increases would not be sustained.
He noted that lemon supply could face some pressure, though no major shortage is expected. Golam Mowla, general secretary of the Bangladesh Edible Oil Wholesalers Association, criticised enforcement agencies for repeatedly targeting small retailers during Ramadan.
He alleged that agencies raid small shops over minor price differences, imposing heavy fines, while large importers and mill-gate operations remain largely unchecked, where huge sums are allegedly siphoned off.
Market analyst Kazi Abdul Hannan warned that extortion could intensify during the overlap of Ramadan and the election period. He claimed that in some markets traders are forced to pay lump sums ranging from Tk5 lakh to Tk10 lakh to local administration and police, directly influencing commodity prices.
Poultry Association adviser Khandaker Monir Ahmed highlighted the crisis facing poultry farmers, saying egg prices have fallen far below production costs. He cautioned that selling eggs below cost, including through subsidised sales, could eventually cripple the industry.
CAB General Secretary Md Humayun Kabir Bhuiyan said 10 monitoring teams would operate daily across Dhaka during Ramadan to oversee market conditions, warning that artificial shortages and unethical practices would face strict action.
Business leaders also proposed withdrawing additional duties on dates and importing frozen meat to prevent protein shortages. They agreed that with proper monitoring and effective control of extortion, there is no justification for price hikes during Ramadan this year.