Poultry biggies, FBCCI lock horns

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) demanded exemplary punishment of the those involved in the egg-market manipulation this month.
The FBCCI placed the demand in a hybrid view-exchange meeting on price and availability of essential commodities with the businesses concerned, held at its office in the city on Monday.
The apex trade-body leaders also observed that wrongdoings of a few traders tarnished image of the whole business community.
The Directorate of National Consumers Rights Protection (DNCRP) recently found that wholesalers in the city's Tejgaon area as well as dealers of big companies were guilty for the egg market volatility between August 7 and August 18.
FBCCI President Md Jashim Uddin questioned how egg price could rise by Tk 3.0 a piece overnight and how it could decline in a couple of days with the beginning of market drive by the government agencies like the DNCRP.
"I firmly believe that the market was manipulated by some traders, who should face exemplary punishments."
He urged the DNCRP to find out such foul players for the betterment of business and for giving the consumers relief.
He requested the traders to give up unethical practices to keep reputation of the community.
DNCRP Director General A H M Shafiquzzaman said: "We have collected information and the process is continuing. From the existing information, it is clear that the egg market was rigged by a section of traders, which affected the whole community."
The egg price later declined by Tk 30-35 a dozen during the agency's three-day drive.
"It means that some party manipulated the market. Those who have done this will be put on trial by the department," he opined.
Bangladesh Poultry Industries Central Council (BPICC) President Moshiur Rahman claimed that 40-45 million pieces of eggs are produced every day.
"Of which only 3.0 million pieces or 6.0 per cent of the total production is done by big companies."
He claimed that the big companies could not manipulate the market even if they wanted to do so.
However, challenging him, FBCCI Vice President Salahuddin Alamgir said they have information that the big companies produce about 8.0 million pieces or above 20 per cent of the total egg output.
"The traders who produce 20 per cent can control the market. We want the government to find out those, who created such instability in the market, and to take stern actions against them," he added.
Editor of Consumers Association of Bangladesh (CAB)-run 'Vokta Kantho' portal Kazi Abdul Hannan claimed that the traders made an additional profit of Tk 5.0 billion in two weeks by raising egg and broiler chicken prices.
He alleged that the extra amount was realised at four stages - from the farmers' level to the collectors' level - before eggs were supplied to the consumers.
FBCCI Senior Vice-President Mustafa Azad Chowdhury Babu, and representatives from the Bangladesh Breeders Association and the Bangladesh Agro Producers Association, also participated, among others, in the meeting.
Farm egg (brown) prices hit an all-time high of Tk 160-180 a dozen in the city's retail markets between August 8 and August 16.
The DNCRP started a market drive from August 18, while the Ministry of Commerce also hinted importing poultry items, which helped to cut egg prices from August 20, said insiders.
Farm egg (brown) was sold at Tk 130-140 a dozen and white egg at Tk 128-135 a dozen in the city's retail markets on Monday, according to groceries and kitchen market sources.

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