FBCCI chief lambasts traders over rice price hike

FBCCI President Md Jasim Uddin on Thursday came down hard on traders over sudden price hike of rice, especially in the peak season.
The leader of the country's apex trade body said the unethical practice of hoarding by a group of unscrupulous businesspeople to reap the opportunity of paddy loss in the haor and other areas due to the recent flash floods, had caused the volatility in the market.
"Why are the prices of rice increasing in this peak season? There is no logic behind the hike. Traders have to stop their tendency to increase prices whenever they get a chance," said the president of the FBCCI (Federation of Bangladesh Chambers of Commerce and Industry) during a views-exchange meeting on import stocks, supplies and prices of essential commodities.
There are some rice traders who often claim to be incurring losses in trading rice although they built several houses in various areas, including Gulshan, of the capital, said Mr Uddin.
"We (business community) don't take the responsibility of malpractices by a very few unscrupulous traders. Please stop doing this as it hurts the people," he said. In the meeting, some rice traders put the blame on factors like paddy loss due to recent flash floods in haor and other areas behind the price hike.
Refuting the claim, the FBCCI chief said that paddy loss in the haor regions could be as high as 10 per cent and it could affect the country after four to six months.
"Why is this happening now? When the government started launching drives against unethical practices, the prices started to fall. It means traders did something wrong. Please, do business with honesty and transparency," he said.
Hailing the government drives to ensure price stability in the market, Mr Uddin said the monitoring needed to be strengthened further so that no one could destabilise the market of key essentials ahead of the Eid-ul-Adha. In the views-exchange meeting, rice traders and millers expressed their concerns over the ongoing crackdown against the traders.
In response, the FBCCI president said, "You (traders and millers) raise rice prices in the peak season when they are supposed to be falling and expect no intervention from the government? Is it logical?" he said. About the packaged rice, he suggested making a separate policy for the value-added item.
"It needs to be assessed what type of value it is adding. You (packaged rice producers) are bringing modern machinery to do that. So, the price is supposed to be dropping. A separate policy could be very helpful," he said.
Expressing dissatisfaction, the FBCCI boss said they sent letters to the refiners asking them to provide the list of their distributors, but they did not respond despite repeated calls.
Advisor of City Group Amitava Chakraborty said they had been doing business here following all the government regulations. The price can be reviewed after 15 days and the ministry can adjust the price, he added.
A representative from Meghna Group said Indonesia had lifted the embargo on export of palm oil which was a very positive sign.
He requested the FBCCI office-bearers to take immediate action so that those who got arrested in the recent crackdown are released.
President of the Gorom Moshla (spices) Byaboshayee Samity Enayetullah said the market of spices would remain stable ahead of Eid-ul-Adha as there was enough stock of the cooking ingredients.
He, however, requested the FBCCI to take a move to cut higher duties on spices and treat these as essential commodities.

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