Commodities prices to go up by 30pc in Ramzan: Tariff Commission
24 January 2023
Staff Reporter :
The prices of imported consuming goods are likely to be increased by 30 per cent comparing with the last Ramzan due to rise in dollar price, according to Tariff Commission.
On the other hand, the traders urged to stabilize the dollar market along with resolving the letters of credit (LCs) opening complication to keep commodity market stable.
The officials and the traders came up with the remarks in a meeting at the conference room of the Directorate of National Consumer Rights Protection (DNCRP) in the capital on Monday. The right body arranged the views-exchange meeting with the leaders of CAB, importers and retailers to keep supply and price of essential commodities stable in the upcoming Ramzan.
LC opening crisis is now crippling the country's businesses as they are finding it difficult to open LCs owing to banks' inability to provide the American greenback needed to finance imports and the central bank's restriction on non-essential imports.
The stress seems to be intensifying with each passing day. LC opening slumped 14 per cent year-on-year in July-December of the current fiscal year (2022-23), while LC settlement declined 9 per cent during the time.
Under the situation, the traders apprehended that it will be difficult to control of commodity market, if the LC opening complication is not resolved immediately.
Meanwhile, the leaders of the Consumers' Association of Bangladesh (CAB) suggested reducing customs duty on imported consuming goods in order to keep the market tolerable level.
They also alleged that the country's commodity market is gradually hosting by the some corporate firms.
Mahmudul Hasan, Deputy Chief of the Tariff Commission, said the prices of imported consuming goods will remain 30 per cent higher than last Ramzan due to increase in dollar price and international market conditions.
Urging not to increase the prices of the essentials unusually accusing supply crunch in the Ramzan, the DNCRP's Director General H M Shafiquzzaman said, "The commodity market becomes unstable due to some dishonest traders. But, we will not tolerate it."
He also informed that they would send recommendations to the National Board of Revenue (NBR) to reduce customs duty on imported essential goods.
FBCCI Vice-President Amin Helaly said that the prices of essential would be gone beyond under control, if the LC opening crisis is not resolved immediately.
CAB General Secretary Advocate Humayun Kabir and representatives of DGFI and NSI were present in the meeting.
