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Minister sees no big-market syndicates

Quader says govt cannot break cartels in small markets

Star Business Report
Commerce Minister GM Quader yesterday said the government has not found any evidence of bigmarket syndication that inflates prices of essentials irrationally.
He, however, admitted that there is syndication in small markets, which cannot be controlled. "The government is not being able to monitor such small things."
"We are alert to control incidents of major syndication. There are also laws to prevent them," he said.
About the volatile edible oil market, he said: "We are worried about the market. More businesspeople should come to this business. But we are seeing that their number is going down."
"But those who are now in the business have been able to convince us so far that they are not increasing the prices artificially," said the minister.
Quader spoke at a dialogue on "market and prices of commodities" at the Nabab Nawab Ali Chowdhury Senate Building at the University of Dhaka in the capital.
Private television channel Desh TV and Prime Bank co-organised the programme.
The minister said there is a need for the Hading Corporation of Bangladesh (TCB) to continue its operations to help the government keep the market stable for a while in the face of any crisis.
He said the government has formulated the Competition Law 2012 to prevent market monopolies or oligopolies.
He said the government is concerned about the ordinary people's worries. "And we are taking steps to minimise the concerns."
Shaheen Anam, executive director of Manusher Jonno Foundation, which works to promote human rights and good governance, said the government now and again says that the prices of the
essential commodities would have to be brought within the purchasing capacity of the ordinary people.
" But we see today that there is no balance between people's purchasing power and the prices of the commodities, and the two are heading in two different directions, making people's life miserable."
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The ministry has said they have given instructions to the businesses not to make more than 10 percent profit during Ramadan, Shaheen Anam said. "But we see the prices of many items have gone up as high as 40 percent."
"Recent media reports showed there are adequate stocks of onion and gram, but their prices are increasing."
She said most shops do not display the prices of the commodities, although laws have made the hanging of a price board mandatory.
"It seems that the government is aware of the issue but is not doing anything."
Shaheen Anam said the government regularly holds meetings with businesspeople and instructs them not to increase the prices.
"But does the government have any right to give such instruction? If yes, then why the governmentisnottakinganystep?"
She also asked why the prices of egg -- now Tk 120 a dozen -- have gone so high.
Replying, the minister said: "The price of egg has increased suddenly. It all depends on demand and supply. In Bangladesh, many poultry farms have been destroyed due to bird flu. As a result, the supply has decreased."
He said egg import was banned in the country. "But we have withdrawn the ban as soon as the prices started to go up."
The minister said the livestock ministry informed him yesterday unofficially that India has been declared a bird flu-free country. "The imports of eggs from India have started. As a result, the prices of egg are on the downward trend."
The minister expects the prices of eggs would go down in the coming days.
The minister said it is mandatory for the businesses to maintain a display board of prices of essential products and items if the government declares them essential. Otherwise, it will be a violation of laws.
He said the government frequently sits with the businesspeople to properly monitor the market and keep the prices of the essential commodities stable.
He said profit is allowed, but profiteering is not. "We are also looking at whether anybody is making abnormal profit."
He said the government's monitoring teams are working across the country to monitor the price situation of onion and garlic. "We have also given instructions to
the deputy commissioners of all the districts to ensure whether the essential commodities are being sold at prices mentioned in the display board."
"We will take immediate actions if we find that somebody is profiteering or making more than profit than he should."
The minister admitted that nothing could be done in the market drastically. "The market is a sensitive thing. If we do something abruptly, some items could be destroyed."
He said the government has not acted so far because "we thought that the market situation is more or less reasonable and stable."
He said the demand for some items goes up during Ramadan. "But we are seeing the prices of such products have gone up suddenly. It is artificial. It is a punishable act."
AK Azad, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), said swing in commodity prices, high energy costs and extortion on the highway affect the prices.
He said the government should strengthen its monitoring system to keep the commodity market stable.
He said, at a market the prices of a product in different shops vary. "They are charging prices as they wish, which means there is no accountability."
Quazi Faruque, president of Consumers Association of Bangladesh, said the Consumers Protection Law and the Competition Law are complimentary to each other. A commission has to be set up.
The minister said the government would set up the commission as soon as possible.
He also said the price rise of onion and garlic seems illogical. "We are checking it."
Former caretaker government adviser M Hafizuddin Khan said bird flu and extortion on roads are not new. "We have been hearing about them years after years. The government is not unaware of them. But we have not seen steps to stop them."
Rights activist Khushi Kabir said Bangladesh has some good laws, but problems arise when it comes to implementation.
Bangladesh Krishi Bank Chairman Ibrahim Khaled said the TCB has to be strengthened.