Govt teams to prevent price-fixing machinations

In a move to check a surge in prices of essential commodities, the government has formed inspection teams that will monitor the price movements and prevent abnormal situation in the city markets, especially in the wake of an upcoming buying binge, officials said.
"The government will closely monitor the price situation with a view to protecting the common people from abnormal price rises. Our experience is that the prices of essential commodities used to frequently rise at unacceptable rates during the holy month of Ramadan," a senior official of the ministry of commerce said.
For this, he says, "We will start our journey to check the prices of essentials from the very beginning of the holy month of Ramadan. But it will continue up to December next."     
The watchdog panels will inspect the wholesale and retail markets of essential items in Dhaka city. They will also collect data on price indices during the inspection drives," Saidur Rahman Selim, Deputy Secretary of the MoC, told the FE Saturday.
Besides, the inspection teams will collect information on stock and supply situation.
If any kind of abnormal situation arises in the market, the teams will take action by conducting instant mobile court against the traders or the businesspeople found at fault, sources said.
The teams will also be able take stringent action against the manipulators, under the existing legal provisions of the country, to ensure normal prices of essential items.
A total of 14 teams have already been formed, each consisting of nine members drawn from different ministries, government agencies and business associations, according to the MoC information.
The teams comprise representatives from the ministries of commerce, agriculture, home and food, and the tariff commission, Dhaka City Corporation, the district administration of Dhaka, Dhaka Metropolitan Police and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).  
The monitoring teams for the Dhaka city markets will start their inspection work from July 01. The drives will continue until December.
The members of the teams will have to report to the MoC at 9:15am everyday, an official at the ministry said about the market-monitoring action plan.
"It is important that each consumer or individual has the right to avail the daily necessities at reasonable or affordable prices," said another official of the commerce ministry.
The committees will monitor the prices as the government is committed to ensuring the right prices of essential commodities and adequate supply in the markets, he said.
"We hope that the measures taken by the government will keep the market prices stable not only during Ramadan but also in subsequent months," he added.