Extortion, middlemen driving up commodity prices: Traders

They voiced their concerns during a discussion organized by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at its office in Motijheel, Dhaka, on Monday. FBCCI Administrator Fazlul Hoque presided over the event.

Consumers Association of Bangladesh (CAB) Organizing Secretary Abul Kalam Azad stated that extortion on roads and the influence of middlemen push the price of vegetables from Tk 30 to as high as Tk 80 or Tk 100 per kilogram. He urged immediate government intervention to control the market.

President of the Shyambazar Agricultural Products Wholesale Market Owners Association Farid Uddin alleged that law enforcement officers are directly involved in extortion at markets. He added that corporate businesses are packaging standard rice and selling it as Miniket at inflated prices, despite no rice variety existing by that name.

Khilgaon City Corporation Super Market Owners Association General Secretary Kazi Anisuzzaman and Fakirapul Market Traders Association leader Shawkat Hossain highlighted that political controllers dominate local markets whenever a new government takes office. Bangladesh Supermarket Owners Association General Secretary Zakir Hussain attributed the sudden price jumps to a lack of proper monitoring.

Bikash Chandra Saha of the Pulse and Lentil Crashing Mill Owners Association noted that chickpea prices rose by Tk 10 to Tk 15 per kg within ten days due to supply cuts by major corporate groups. Meanwhile, Bread and Biscuit Manufacturers Association President Jalal Uddin warned that bakery product prices would increase by 20 per cent within days due to rising flour, oil, and sugar costs, which have already forced 20 factories to close down.

Moulvibazar Traders Association General Secretary Golam Mawla warned of imminent edible oil and sugar shortages as market control has consolidated into the hands of a few large companies. However, Taslim Shahriar, Senior Deputy General Manager of Meghna Group, stated that sugar prices at the mill gate currently remain stable.

Abu Saleh Mohammad Imran, Trade Consultant at the Ministry of Commerce, advised media outlets to refrain from using sensationalized headlines that trigger panic buying.

Concluding the meeting, FBCCI Administrator Fazlul Hoque assured that the recommendations made by traders would be discussed with relevant ministries to keep commodity prices stable ahead of Ramadan.