Commerce Minister Khandakar Abdul Muktadir Saturday expressed displeasure over the abnormal rise in malta prices and asked traders how the fruit is retailing at Tk 520 per kg even after accounting for import cost, duties and taxes.
"There will be no scope for unjustified price hikes in the market," the minister said at a meeting with traders and representatives of government agencies at the Ministry of Commerce conference room.
He urged importers to open letters of credit (LCs) quickly and raise imports of malta, dates and other fruits to keep prices under control.
He directed the Directorate of National Consumer Rights Protection to take action if evidence of selling malta at abnormal prices is found.
Traders said a supply shortfall is one of the main reasons behind the price rise, claiming only 12 to 29 containers of malta arrived in the country in some weeks, against a normal daily requirement of about 15 containers.
Importers also said many traders have cut malta imports because of high duties, transport costs, shipping and port complications, and losses on earlier consignments.
They added that the perishable nature of the fruit carries significant financial risk during transport and storage.
After hearing the traders, the minister assured them that the duty issue on malta would be reviewed.
He also stressed increasing imports from alternative sources and opening LCs fast to raise market supply within the next few weeks.
He also urged traders to start preparing now to import dates in view of the coming demand, saying the government would announce its decision on date duties within this week.
The government has also moved to resolve the long-standing complications in fixing the assessment value of dates.
The Bangladesh Trade and Tariff Commission will meet importers in the next few days.
The commission will verify international source prices of dates of different qualities and grades and work to set a rational indicative price. A proposal will then be sent to the National Board of Revenue (NBR).
The minister said the valuation system must ensure traders are not subjected to unreasonable assessments, while leaving no scope for evading revenue by under-declaring product values.
Calling on both the government and traders to work with transparency and integrity, he said any attempt at manipulation by either side creates a crisis of confidence in the entire system.
An NBR representative said that although the actual purchase prices of dates vary by quality and grade, the differences are not always properly reflected in customs valuation.
The meeting therefore discussed taking international market prices and source prices into account for realistic valuation.
Date importers said shipments are taking longer to reach Bangladesh than before due to international transport and port complications, so a quick decision on duties is needed to ensure timely imports of adequate quantities.
Traders assured the meeting they would increase imports of malta and other foreign fruits from alternative sources. The government side said it would review the genuine problems related to duties and taxes, valuation and the import process.