The government fields a high-powered taskforce to review commodity prices and market manners and do whatever deemed fit to keep the supplies within commoners' buying capacity.
Commerce Minister Tipu Munshi, whose ministry mainly overseas trading in commodities, has been put at the head of the watchdog panel formed through a notification issued Sunday (March 27), in the wake of an outcry over excessive price rises.
The 17-member taskforce also comprises senior secretaries of commerce ministry and Public Security Division, the National Board of Revenue (NBR) chairman, and secretaries of Agriculture, Food, Industries and Information and Broadcasting ministries.
Besides, the chairman of Bangladesh Trade and Tariff commission (BTTC), the chairperson of Bangladesh Competition Commission (BCC), Directors-General of the Directorate of National Consumer Rights Protection, DGFI and NSI, the chairman of the Trading Corporation of Bangladesh (TCB) and the president of the apex trade- body FBCCI are on the committee of combatants against market waywardness.
Some analysts are, however, skeptical about expected outcome of such a move as the formation of previous taskforce/monitoring committees had little visible impact regarding market stabilization.
Chairman of the Consumers Association of Bangladesh (CAB) Ghulam Rahman thinks it is possible to tame the market volatility through managing supply chain, stamping extortion from the marketing process and timely unloading of imports, among other tasks.
As mandated, the watchdog panel would give necessary instructions to the ministries, divisions and agencies concerned to control the prices of essentials and market misdemeanor, if needed.
"If any abnormal situation arises in the prices and supply chain of essential commodities, the taskforce teams would take necessary steps in this connection," it is stated in the objective of the measure.
The teams would observe overall activities like goods production, refinement, and import and sales activity at the local level.
The panel will also take action to keep the supply chain of essential items stable on the market.
It will observe the activities of market-monitoring teams formed by the commerce ministry and spell out necessary dos.
"The members of the force would meet at least once every month," according to the circular issued Sunday.
The prices of key commodities often show significant rises in the country. But the monitoring teams/committee/taskforce failed to play their due role in keeping the prices of essentials stable and at tolerable levels, a section of consumers alleged.
No visible impact was noticed with regard to the prices of some essential items, especially rice, onions and edible oils, in recent years despite efforts by the monitoring taskforce or teams formed earlier, they say.
The CAB chief, Ghulam Rahman, however, notes that positive outcome is possible if the measures are followed through seriously. "Some recent government measures work as some items' prices are taking a downturn," he told the FE.
Meanwhile, the prices of a few of essential commodities, including oils and onions, declined somewhat. Onion price is coming down following the start of harvesting of dry-season onions, sources say.
The government has taken some steps to keep the essentials' prices and supply stable on the market. As part of the move, the National Board of Revenue (NBR) waived 15- per cent VAT in manufacturing and 5.0 per cent in trading stages of edible oils and it also lowered VAT on edible oils at import stage as part of market intervention to tame soaring prices of the most-consumed essentials.
But, edible oils are still being sold above the set prices in the retail level, according local marker sources.
The commerce ministry has requested the agriculture ministry to continue the existing import permit (IP) for onions until next Eid-ul-fitr to facilitate onion shipment in order to boost its supply. "The government's top priority is to stabilize the essentials' market during Ramadan," a senior official says.
"If the taskforce is able to discharge their responsibility accordingly, it would help keep essentials' market stable," the CAB president hopes regarding the latest step on market management.
Currently, the TCB is operating truck sale to provide essential items like sugar, edible oils, lentils, onions etc to some 10 million low-income families at subsidized rates ahead of Ramadan to keep the prices under buying capacity of common people.
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