Local, int'l prices of essentials to be covered by media
Friday, 21 March 2008
FE Report
The government is planning to release local and international retail and wholesale prices of essentials through print and electronic media on a regular basis aiming to stabilise prices in the local market, said commerce adviser Hossain Zillur Rahman Thursday.
The essentials are coarse rice, wheat, two varieties of lentil, soybean oil, palm oil, onion, sugar and potato.
Local consumers as well as businessmen will be able to compare the prices between international and local markets once they know the daily price situation, a commerce ministry source said.
The matter was discussed at the first meeting of the 'price monitoring committee on essentials' held at the commerce ministry Thursday.
Eminent economist Wahiduddin Mahmud, National Board of Revenue (NBR) chairman Muhammad Abdul Mazid, Commerce Secretary Firoz Ahmed, Bangladesh Bank Deputy Governor Ziaul Hassan Siddiqui, Bangladesh Rifles (BDR) Director General Major General Shakil Ahmed, Trading Corporation of Bangladesh (TCB) chairman Ziaul Islam attended the meeting.
Wahiduddin Mahmud, who attended the meeting as an invited guest, told reporters that the government should identify the segments of the society most affected by abnormal price hike of essentials and provide them the essentials at below market prices.
"The food distribution under the social safety net programmes should be widened in the rural areas," he said adding that a food ration system should be introduced for society's low-income groups.
He, however, said slum dwellers, rural and urban poor, garments workers, class-four government employees should be the beneficiaries of the system.
He underscored the need for creating pressure on the food importers to stop making high profit.
"The government is thinking about bringing a change in Delivery Order (DO) arrangement in business of edible oil to stabilise its prices," the commerce adviser said.
Rahman expressed his satisfaction over the downward trend of edible oil prices due to the government's proper initiative.
The edible oil prices have now come down to Tk 105 from Tk 120, he said.
As per recommendations of the committee, the government has totally waived duty on import of refined edible oil.
Bangladesh Bank will sit with the banks to review current interest on LC (letters of credit) margin regarding the import of essential goods, while the Bangladesh Rifle will sit with the importers to discuss the prices in the local markets.
The government is planning to release local and international retail and wholesale prices of essentials through print and electronic media on a regular basis aiming to stabilise prices in the local market, said commerce adviser Hossain Zillur Rahman Thursday.
The essentials are coarse rice, wheat, two varieties of lentil, soybean oil, palm oil, onion, sugar and potato.
Local consumers as well as businessmen will be able to compare the prices between international and local markets once they know the daily price situation, a commerce ministry source said.
The matter was discussed at the first meeting of the 'price monitoring committee on essentials' held at the commerce ministry Thursday.
Eminent economist Wahiduddin Mahmud, National Board of Revenue (NBR) chairman Muhammad Abdul Mazid, Commerce Secretary Firoz Ahmed, Bangladesh Bank Deputy Governor Ziaul Hassan Siddiqui, Bangladesh Rifles (BDR) Director General Major General Shakil Ahmed, Trading Corporation of Bangladesh (TCB) chairman Ziaul Islam attended the meeting.
Wahiduddin Mahmud, who attended the meeting as an invited guest, told reporters that the government should identify the segments of the society most affected by abnormal price hike of essentials and provide them the essentials at below market prices.
"The food distribution under the social safety net programmes should be widened in the rural areas," he said adding that a food ration system should be introduced for society's low-income groups.
He, however, said slum dwellers, rural and urban poor, garments workers, class-four government employees should be the beneficiaries of the system.
He underscored the need for creating pressure on the food importers to stop making high profit.
"The government is thinking about bringing a change in Delivery Order (DO) arrangement in business of edible oil to stabilise its prices," the commerce adviser said.
Rahman expressed his satisfaction over the downward trend of edible oil prices due to the government's proper initiative.
The edible oil prices have now come down to Tk 105 from Tk 120, he said.
As per recommendations of the committee, the government has totally waived duty on import of refined edible oil.
Bangladesh Bank will sit with the banks to review current interest on LC (letters of credit) margin regarding the import of essential goods, while the Bangladesh Rifle will sit with the importers to discuss the prices in the local markets.