The consumers' rights watchdog has taken a move to fix the price of mild steel (MS) rod, the key construction material, as it noticed unusual pricing during market drives in recent times.
To this effect, the Directorate of National Consumer Rights Protection (DNCRP) will conduct a couple of meetings with the stakeholders, including steel manufacturers.
Director General (DG) of the DNCRP AHM Shafiquzzaman said this while addressing a meeting with the representatives of steel goods dealers and construction sector as part of the move.
Director of the government agency Monjur Mohammad Shariar, General Secretary of English Road Iron and Steel Merchants Association Mohammed Imran hossain, and Bangladesh Association of Construction Industry (BACI) Vice President Bimal Chandra Roy, spoke on the occasion, among others.
Addressing the meeting the DNCRP DG said the price hike of the MS rod in the recent times has been a headache for all stakeholders specially construction sector.
"We are now trying to comprehend whether any unscrupulous activities from any quarters are responsible for the price hike," he said, adding that there are some logical aspects behind the price spiral, including raw materials’ price increase in the international market and Russia-Ukraine war.
He, however, said often the price in the local market goes as high as the price of the material rises in the international market but it does not decrease proportionately when downward changes take place in the international market.
"We shall hold meetings with the local stakeholders and make an analysis of the data provided by them to fix a rational retail price," said the DG.
Monjur Mohammad Shariar said during recent drives the DNCRP team found some irregularities in steel trade at retail level including not providing sales vouchers.
Besides, some retailers were found making over profit of around Tk 5,000 against per tonne steel.
Imran Hossain said the dealers are the worst victim due to the unrest in the sector as government watchdogs blame them for the hike despite their marginal role in the sector.
"Millers don't provide us with enough documents, consequently we cannot prove our standpoint," he said and blamed the supply orders (SO) traders for price mismatch between miller and retail level.
He urged the government not to impose 5.0 per cent VAT on their total sales in the upcoming budget instead of existing Tk 500 per tonne.
Bimal Chandra Roy urged the government to monitor and control the construction materials market similar to that the DNCRP has done with the edible oil market.
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