Trading Corporation of Bangladesh (TCB) will procure 1.10 crore litres of edible oil and 10,000 metric tons of lentil to sell through its open market sale (OMS) programme. Cabinet Committee on Government Purchase (CCGP) approved two separate proposals in this regard in a meeting on Thursday, presided over by Finance Minister Abul Hasan Mahmood Ali. Don’t listen to rumours involving commodity prices: PM  The Commerce Ministry placed the proposals on behalf of the TCB. According to proposals, the TCB will import 1.10 crore litres of Soybean oil through open tender from  City Edible Oil Ltd. at a total cost of Tk 174.66 crore with each litre at Tk 165.25. Jatka conservation week to begin March 11 The TCB will procure 10,000 metric tons of lentil at a cost of Tk 83.12 crore from Nabi Naba Food Limited with each kg at Tk 103.09.

In the face of severe oppostion criticism in parliament for his alleged failure to control price hike of the essential commodities Commerce Minister Tipu Munshi on Monday offered to resign if  the prime minister gives the responsibility of running the ministry to one of the opposition MPs. Gonoforum MP Mokabbir Khan fired the first shot against Tipu Munshi during the discussion on proposed  cut motion on the Ministry of Commerce in the budget for FY2023-24. Jatiya Party MPs also criticised the commerce minister for the rising prices of daily products. They also raised the question whether the 'business' minister, Tipu Munshi, is involved with the market syndicate or not. Cow rawhide price increases by 6 percent this year: Tipu Munshi Rustam Ali Faraji of Jatiya Party said in the discussion on the retrenchment proposal, what does the monitoring cell of the ministry do?  “Such a big ministry. If the minister does not have dynamism then the price will increase. If only one person works and everyone sleeps, then the country will not run. Market syndicates should be broken up. It is certainly possible if desired. But if you think the business belongs to me then it is sad for the country and its people.” Jatiya Party's Shamim Haider Patwari said that even though the commodity prices have decreased in global markets in the last few months, it is not affecting the country.  Avoid excessive buying to keep markets stable: Commerce Minister “Inflation in Bangladesh was 6 percent now it seems to be 10 percent. It is growing. Inflation is eating away people's income. Due to inflation, soap, bread are all getting smaller," he said. He mentioned that making the government budget and household budget are not the same thing.  He said that the budget of the government is decreasing and due to this rice, pulses, oil, chicken size and meat pitches are getting smaller.  “The economy of Bangladesh is trapped in a vicious cycle of inflation. The government should take steps to overcome this," he said. “There are syndicates. There is no doubt about it. That syndicates are powerful. But are they stronger than the government? I don't think they can be stronger than the government. If there is a syndicate within the government, it must be identified," he said. Bangladesh allows green chilli import as price keeps rising He said that the minister has a vast business.  “He is a successful businessman. I believe that if he is given the freedom to act, then he can definitely control it," said he. Gonoforum MP Mokabbir Khan said that the most unsuccessful ministry of the current government is the Ministry of Commerce.  “When you go to the market, you hear from people that the Ministry of Commerce is so unsuccessful that people call it a syndicate friendly ministry.” With higher spice prices, consumers feeling the pinch this Eid-ul-Azha Alleging the involvement of a syndicate of traders to increase the price of goods, Mokabbir said that many people said that the commerce minister was involved. “Why don't you resign after all this?” Mokabbir asked the the commerce minister. Mokabbir said that when the commerce minister says that the price of a product will decrease, the price of that product increases the next day.  He said that he knows that the minister will not give any answer. Spice prices soar in Faridpur ahead of Eid-ul-Azha Jatiya Party Member of Parliament Roshan Ara Mannan said that people get upset when they go to the market.  “The Ministry of Commerce is not monitoring the market properly. The commerce minister is a freedom fighter. Why can't he control the market ?” Jatiya Party lawmaker Pir Fazlur Rahman said that the minister of state for industries said that people cry when they go to market, and the only reason is the syndicate. “People also understand this. The Russia-Ukraine war alone should not be blamed for the rise in commodity prices. The syndicate has looted thousands of rupees in the egg market. Chicken eggs do not come from Ukraine.” Forex reserves likely to increase due to govt steps: PM Hasina tells Parliament He said that the commerce minister has said that some traders are taking advantage of the product prices.  “Our commerce minister can not arrest the syndicate people who raise prices. He himself is a businessman. He knows which businessmen are doing it. So are these businessmen close to him, which is why he can't catch the syndicate businessmen?” He demanded that the commerce minister should say publicly why he is not able to do that. Pir Fazlu said that Tk 1500 crore has been looted in the onion market.  “A few companies are looting Tk 17 crore daily in the sugar market. Thousands of crores of taka has been looted in boiler chicken market in a month and a half. The commerce minister can't do anything.” Tipu Munshi said that it is possible to take actions against the market syndicate including jail and fine.  “There is talk of syndicate. It's just that big groups do a lot of business together. We need to focus - we jailed, fined. That might be possible. But it will be difficult for us to bear the sudden crisis. That's why we try to stay within the rules through discussion,” he said. Referring to his involvement in politics long before coming to business,  Tipu said, "One thing that comes up time and again is that I am a businessman and businessmen are taking advantage of me. I don't know how many years of experience they have in politics. But I have been in politics for 56 years. I have been in business for 40/42 years now.” Responding to Mokabbir's demand, the minister said, "Someone here asked me to resign. I will tell the honorable prime minister that if he (Mokabbir) takes responsibility, she can relieve me and give the responsibility to him. I have no problem.” Tipu said that the price has increased and the prime minister repeatedly says that people are suffering.  He mentioned that the global situation has affected the country, not the internal causes. “we have to take that into consideration." Talking about the onion price, the minister said, there is no doubt that the price has increased. Onions have been mentioned. We discussed with the Ministry of Agriculture and decided that farmers should get a price that encourages them to grow.  He mentioned that in onion, the country has a shortfall of 6 to 7 lakh tonnes every year.  “Farmers will focus on production if the price is better. By this step our deficit is reduced by half. But it should not be exactly Tk 80 to 90 per kg. That is why we have arranged the import," he said  He said that the government did not want to import onion for ensuring fair price to the local farmers.  “But we imported on the instructions of the prime minister. Imported Indian onions are now Tk 40/45 per kg. Today, the price of our desi onion is Tk 65. I think it should be reduced further. we are trying. Within 10/15 days it will come to within Tk 50 a kg” The minister said that everything is not fixed by the Ministry of Commerce.  “I am still taking responsibility and we are trying our best to do what we can," he stated. Regarding sugar price surge, he said  he has requested the prime minister to reduce the duty structure to bring down the price within Tk 100 a kg.    

Prime Minister Sheikh Hasina on Tuesday said that had Awami League not been in power now there would have been fighting on the street for the essential commodities. “Since the Awami League government is in power it has been possible to control (prices of essentials) to some extent,” she said adding, “If anyone else were in power there would have been fighting on the street.” She said this while delivering her introductory speech at the National Economic Council (NEC) held to the approve annual development programme (ADP) for 2022-23 fiscal. The meeting was held at NEC auditorium while the premier joined virtually from her official residence Ganobhaban. Also read: PM: Make best use of funds in effective implementation of SDGs Talking about the recent price hike of essentials, she said that COVID-19 pandemic and Russia-Ukraine war have put pressure on global economy. She mentioned that there are some countries in Europe where prices of essentials have been hiked from 17 per cent to 50 per cent. Hasina said scarcity of edible oil is going on in countries like Germany and the UK, where restrictions have been imposed on  buying edible oil more than one littre at a time. The inflation, she said, has hit the US at more than 8 per cent and it will reach to ten per cent. She mentioned that the whole world is suffering from this. “The impact of these will be visible also on us. The prices of imported items have been increased. Cost of transportation (vessel rent) has been increased, production decreased where the war is going on.” She again urged the people to maintain austerity and control in using everything. “If they do that they might not face any problem,” she observed. She added that “The prices of essentials (at home) have increased due to the international factors and this has to be conveyed to the people.” She said that her government is trying to increase the production using the country’s fertile land to meet the domestic demands. “For that purpose I called upon all not to leave a single inch of land without cultivation. We will produce our own food for us and  help others. We have to motivate people that way,” she said. Regarding the ADP for the next fiscal the PM asked the authorities concerned to set the priority for implementation of the immediately-needed projects to avoid unnecessary pressure on the economy. “We have to remain cautious in spending public money as the world is passing through an economic recession,” she said. “We have to maintain austerity in every sphere of life, we must not spend our resources unnecessarily,” she said. She made it clear that the government will implement only those projects which are very much important right now. Those which are not necessary right now will be implemented slowly. Regarding the criticism against Rooppur Nuclear Power Plant from a section of people, Hasina said that it is being built through a PPP initiative with another country and the loan money will be paid by the next 50 years. She said it is also environment friendly and the produced power will be very much cheaper. “They don’t think about the economic outcome and socioeconomic development of this power plant after it goes to the production. There is a section of people who always criticise  all good work,” she said. She also said that this section of people is also talking against the Padma Bridge. “After opening of this bridge the economy of the southern region of the country will get momentum. They do not consider the socioeconomic uplift of the region,” she said. She categorically said that the government did not take a single Taka loan from anyone for Padma Multipurpose Bridge. “It is being built with Bangladesh’s own finance. Their claims are totally false and unacceptable,” she said brushing aside the criticism. She said that she never thinks about the welfare of the privileged section of the people. “I always think about the underprivileged and deprived section of people and work for them.” She asked those who are misguiding people with false information to restrain themselves while talking. Also read: Award-winning filmmaker Goutam Ghosh discusses with PM his documentary on Bangabandhu “It’s better not to try to confuse the common people,” she said. She said that the government will take decision for the people of the country and for their welfare. Recalling her homecoming on May 17, 1981 from exile in India, she said that her party and the government have been able to return people’s power to them. Hasina, the Awami League chief, said that there had been repeated attempts to kill her. “But I did not fear anything.” She also regretted that she did not get any support from the media. “I always get support from the people of the country and party leaders and activists. People’s trust and confidence is my strength.” She said that Father of the Nation Bangabandhu Sheikh Mujibur Rahman wanted to make the country a developed and prosperous one. “We have got the recognition as the developing country. We have to establish that and move further. We can move further defying all odds and hurdles. Then we will be able to make the country developed one,” she said.

The Trading Corporation of Bangladesh (TCB) will start open market sale (OMS) of some essential commodities including edible oil from mid of May in Dhaka and other divisional cities. The ministry is working to re-fix the prices of essentials including edible as their prices have gone up on the global market, said an additional secretary to the Commerce Ministry. Also read: Govt approves fresh hike in edible oil price effective Friday Primarily the TCB will engage 400 trucks for OMS after fixing the prices of commodities, he said. In the month of Ramadan, the TCB sold soybean oil at Tk110 per liter, but the price of soybean and other edible oil jumped bothon local and global markets, so it is needed to re-fix the prices of TCB’s edible oil and other commodities, the official said. Commerce Minister Tipu Munshi will brief reports on edible oil supply and management issue at his secretariat office on Monday, senior information officer of the ministry Abdul Latif Bakshi  told UNB on Sunday. Also read: Around 23 million litre soybean oil arrives at Chittagong port amid growing demand Besides, Tipu Munshi will talk formally with the traders, edible oil importers and refiners regarding the current situation of edible oil price and supply in the market.

Prime Minister Sheikh Hasina on Wednesday assured that the prices of essential commodities in the country will remain tolerable during Ramadan. “Commodity prices are currently at a tolerable level. We hope that the prices of essential commodities will remain stable and tolerable in the coming month of Ramadan,” she said. Read:One crore people to get special cards to buy essentials: PM She said this while replying to a question from Jatiya Party lawmaker Fakhrul Imam (Mymensingh-8) during PM’s question-answer session. Hasina highlighted the various steps taken by the government to control the prices of commodities amid global price hike. 

Prime Minister Sheikh Hasina on Tuesday said the government will provide special cards to one crore people so that they can purchase essential commodities at lower prices. “We’ve targeted one crore people. We will provide them with special cards so that they can buy some essential items at fair prices,” she said while chairing a meeting of Awami League-led 14-party alliance at her official residence Ganobhaban here. Hasina, also the AL president, said her government is taking measures to keep the prices of daily essentials under control during the upcoming Ramadan. Read: Expedite Shahjalal Airport's extension work, PM directs authorities She said some 50 lakh people have already been given the cards to buy rice at Tk 10 per kg. “We’ll extend support to additional one crore people by providing special cards so that they can purchase essential items at fair prices,” she said. The prime minister said the 38 lakh people who got financial support from the government during the Covid-19 pandemic will be included among the one crore people. Noting that the government has enough food in stocks, she said it still has 18 lakh metric tonnes of food grains in stock and there is no problem here. Hasina urged the people of the country to increase crop production. “Not a small piece of land should be left uncultivated in order to fulfil our food demand,” she said. Talking about the price hike of edible oil, the prime minister said she has directed officials concerned to form a taskforce in this regard. She said soybean oil is imported largely from Brazil, while palm oil from Malaysia. It is true that the prices increased significantly in the international market and the cargo fare went up due to the war, she added. The government will now find out as to why the prices went up despite having a stock of edible oil in the country, said Hasina.

Home Minister Asaduzzaman Khan Kamal on Sunday said the government decided to reduce or withdraw VAT (value added tax) and taxes to keep the prices of some daily commodities, including edible oil, at a tolerable level ahead of Ramadan. “We will announce soon steps on reducing taxes and VAT if necessary and how much on edible oil or sugar or anything else if it is levied on daily commodities,” said the minister at an inter-ministerial meeting held at the Cabinet Division at the Secretariat. However, he did not specify which products will be included in this action. Also read: VAT on import of edible oil, other commodities withdrawn: Minister Briefing reporters after the meeting, Asaduzzaman said, "You know the price of edible oil is rising all over the world. We see prices rising every day which is affecting our country.” “The prices of other commodities can also go up during Ramadan, so we sat down with that in mind,” the minister added. He said, "We are also making arrangements to import electricity keeping in mind the increasing demand during Ramadan." He further said the supply of diesel and gas may be reduced. “We are taking necessary steps to keep these in order so that there is no shortage of electricity and people do not suffer during Ramadan,” he assured. “We will encourage everyone to import the essentials to keep the market stable.” However, the supply of wheat may be another problem as it is imported from Ukraine-Russia, said the minister. “We will continue our efforts to keep the rice and wheat market stable.” The Cabinet Division sat in a meeting with several ministries today to control commodity prices ahead of Ramadan. Also read: Stockpiling of daily commodities for higher profits not acceptable: HC Apart from the home minister, Commerce Minister Tipu Munshi, Agriculture Minister Md Abdur Razzaque, State Minister for Ministry of Power, Energy and Mineral Resources Nasrul Hamid, Cabinet Secretary Khandker Anwarul Islam, Inspector General of Police (IGP) Benazir Ahmed and other top officials attended the meeting.

Protesting the relentless price hike of essential commodities and 'fare anarchy' in public transport, Consumers Association of Bangladesh (CAB) held a mass rally at Nayabazar Bishwa Road intersection in Halishahar on Friday. General Secretary of CAB Advocate Jamal Hossain presided over the rally. CAB leaders said the Department of Consumer Protection, Safe Food Authority and Bangladesh Competition Commission have taken various initiatives to keep the prices of daily commodities stable but it does not work. Passengers are not benefiting even though BRTA and public transport owners have fixed the bus fares. Read: BNP launches 41-day programme against price hike of fuel, essentials Businessmen and transport owners are increasing the prices and fares according to their will defying government directions. As a result, dissatisfaction is growing among the commoners. In order to ensure the fare prices of daily essentials and stop the rent anarchy in the public transports, the Hon'ble Prime Minister and the policy makers of the government need to get the right information, the leaders said, according to a press release. Speakers alleged that the prices of commodities are controlled by traders. As a result, though the prices of rice, soybean oil and gas have come down in the international market, it has not been reflected in the domestic market. Read: Diesel price hike will not affect prices of essentials: Info Minister The speakers also noted that despite the nationwide students' agitation demanding half fare in public transport, the owners have accepted the demand only for Dhaka. In Covid situation, the price hike of fuel added misery to the common people. People want to get rid of this situation, they said.

 

The High Court (HC) on Thursday directed the government to continue the sale of essential commodities by the Trading Corporation of Bangladesh (TCB) across the country including at the upazila level during the coronavirus pandemic.