Minister raps traders for jacking up prices

Commerce Minister Tipu Munshi on Wednesday slammed traders for irrationally increasing the prices of essential items in the local market on excuse of the increased prices of fuel oils and sharp depreciation of local currency against the US dollar.
He said the rice price is supposed to increase by a maximum of Tk 0.50 per kg due to the price hike of fuel oils, but it increased by Tk 4.0 per kg.
"Is it reasonable?" he questioned, expressing dissatisfaction over the traders taking advantage of the situation.

The minister was addressing a press conference at his secretariat office, mainly organised to share the government's stance on a recent study conducted by the Transparency International Bangladesh (TIB) on the family cards issued by the Trading Corporation of Bangladesh (TCB).
Replying to a question, he said the government was trying to control the price situation of essential items, but would not be able to do that overnight.
"I don't know when Russian President Mr Putin will stop the war. But we admit that the people are suffering from the situation. The Prime Minister is trying," he said, expecting that the prices will come down to an affordable level by October next.
Replying to another question, he said the government is holding discussions about allowing import of egg, but yet to take any decision.
He further said the government has not also taken any decision on the edible oil refiners' proposal to increase the cooking oil price by Tk 20 per litre. "It'll be adjusted after analysing the international price and the exchange rate of the US dollar."
Addressing the press conference, Tipu Minshi rejected the TIB study, saying that the findings were not based on proper information and adequate sampling.
"It will not be more than 5.0 per cent if irregularities take place at all," he told a press conference.
He argued that the TIB has conducted the survey only on 1,087 people out of the 10 million family-card holders. "A real picture is not supposed to come out of such a small number of sampling."
According to the recent TIB study, at least 39.5 per cent of the eligible poverty-stricken households did not get the cards for being entitled to buy certain food items at subsidised prices.
Senior Secretary of Commerce Ministry Tapan Kanti Ghosh and senior officials from relevant government agencies were present at the press event.
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