Essential commodity prices could soar ahead of Ramadan unless rampant extortion, corporate manipulation, and supply chain disruptions are immediately addressed, traders warned at a Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) discussion in Dhaka on Wednesday.
Wholesalers and importers leveled strong accusations against various parties, urging swift government intervention to prevent market instability.
Traders alleged widespread extortion by local groups along trade routes, claiming they pay bribes multiple times (during loading and unloading). They accused law enforcement agencies of complicity and turning a "blind eye" to the illegal practice, demanding immediate action to curb these syndicates.
Representatives from key Dhaka markets (Shyambazar and Karwan Bazar) accused large corporations of manipulating prices and controlling supply chains. Farid Uddin of the Shyambazar Association alleged that corporate packaging inflates a product's value exponentially (e.g., Tk 3.0 to Tk 40) and criticized the interim government for failing to rein in these houses.
Bashir Uddin of the Moulvibazar Traders' Association claimed refiners favor select dealers, creating artificial shortages.
Omar Faruk of the Karwan Bazar Association demanded uniform pricing for soybean oil, noting inconsistencies charged by companies.
Sirajul Islam of the Fruit Importers' Association highlighted that high import duties significantly inflate costs (e.g., doubling the price of dates) and can encourage money laundering through high customs valuations.
Former FBCCI director Gias Uddin Chowdhury Khokon stressed that monitoring often focuses on retailers and wholesalers while neglecting mill owners, where most problems originate. Taslim Shahriar of Meghna Group noted that low gas pressure is disrupting sugar production.
Traders called for decisive action from the government, including, Immediate steps to end extortion and harassment by officials.
Stronger market monitoring particularly at the "upper level", involving large corporations and mill owners and cuts to import duties and customs valuations. Considering direct government imports of essential items like sugar and edible oil (as proposed by TK Group's director Shafiul Athhar Taslim) to stabilize prices.
FBCCI Administrator Md Abdur Rahim Khan promised to engage law enforcement and other agencies to ensure smooth transportation and take firm action against extortion. He also urged agencies like the Directorate of National Consumer Rights Protection to balance consumer protection with the interests of legitimate traders and called on business leaders to prevent food adulteration.
