The National Board of Revenue (NBR) on Thursday issued a gazette notification exempting import duty on sugar and eggs, and import and local VAT on edible oil to increase supply and rein in the prices of these essential commodities. According to an NBR press release, the existing import duty on eggs has been reduced from 25 percent to 5 (five) percent – which will reduce the price of eggs by Tk 13.80 per dozen at the import stage. Govt slashes VAT on import of edible oil Due to the reduction of import duty, the supply of eggs in the market will increase and the price of eggs will be reduced at the consumer level, so it will be more affordable to general consumers, the NBR hopes. It also said that the costs of egg-using industries such as confectionery, bakery, egg-based food producing industry will be cut, returning “relief and balance” to the market. This facility will remain in force till December 15, 2024. In the case of supply of refined soyabean oil and refined palm oil, the NBR press release said that 15 (fifteen) percent VAT imposed at the local production level and 5 (five) percent at the local business level has been exempted and the import level VAT has been fixed at 10 (ten) percent instead of 15 (fifteen) percent for the import of crude soybean oil, crude palm oil, other including refined palm oil and refined soybean oil. Due to the reduction and withdrawal of value added tax at the import stage and at the local level, it will be possible to keep the price of this essential commodity at a tolerable level in the market despite the increase in the price of edible oil in the international market, the NBR said. This facility of edible oil will remain in force till December 15, 2024. On October 8, the existing regulatory duty on refined and unrefined sugar was reduced from 30 percent to 15 (fifteen) percent. The National Board of Revenue (NBR) has reduced the import duty on refined sugar from Tk 6,000 to Tk 4,500 per metric ton within a week to increase the supply of refined sugar in the market. Due to the significant reduction of import duty and regulatory duty on refined sugar, the supply of refined sugar will increase in the market by increasing the import of refined sugar and it will be possible to keep the price of sugar at a tolerable level, the NBR said.

In an effort to provide ten agricultural products including potatoes, eggs, onion and vegetables at affordable prices, the government has taken an initiative to sell products through open market sale (OMS) program. Finance Adviser Dr. Saleh Uddin inaugurated the OMS programme in front of the Food Building on Tuesday morning. Consumers can purchase one kg potatoes at Tk 30, one dozen eggs at Tk 130, one kg of onion at Tk 70, one kg green papaya at Tk 20 and five different vegetables through the programme. Home Affairs Adviser Lt Gen (retd) Md Jahangir Alam Chowdhury who was present during the inauguration programme, said the government has taken such initiative to reach the products at an affordable price to the doorsteps of people. Eggs must be sold at govt-set prices from Wednesday: DG of Consumer Rights Primarily, the OMS programme will be available in 20 points of Dhaka including Food building, Manik Mia Aveneue, Mirpur-10, Basabo, Basila, Rayer Bazar, Rajarbagh, Mugda-North, Mugda-South, Palashi intersection, Hazaribagh, Mohammadpur, Gabtoli, Mohakhali Bus Stand, Begunbari, Uttarkhan, Dakkhinkhan, Kamrangirchar, Rampura and Jigatola.  

Asif Mahmud Shojib Bhuiyan, Labor and Employment Adviser, today said that strict action will be taken under the Special Powers Act against those involved in syndicates inflating commodity prices. Speaking at the BSRF views exchange meeting held at the Secretariat Media Center, the adviser stressed that syndicates manipulating prices will face legal consequences, including potential arrests of key figures from corporate entities responsible for intentional price hikes. The event was organized by the Bangladesh Secretariat Reporters Forum (BSRF). Adviser Asif highlighted several factors behind the rising commodity prices, including supply-demand imbalances due to crop losses from floods and the influence of syndicates on other goods. He confirmed that efforts are underway to dismantle these syndicates, noting the weakening of the Consumer Rights Protection Act by previous governments. Magura residents in distress as prices of daily essentials skyrocket He criticized the current enforcement of the law, stating that small fines from the Ministry of Commerce were insufficient to deter malpractice. He suggested revising the law to reinstate its earlier capacity to impose jail sentences for violations. He emphasized the need to arrest key syndicate members under the Special Powers Act and indicated that the government has records of certain corporations involved in manipulating prices. The adviser also pointed out that direct sourcing from farmers by young entrepreneurs could reduce prices, and the government plans to encourage this model in the coming days. Regarding the state-run Trading Corporation of Bangladesh (TCB), he mentioned that operations had slowed after previous TCB dealers, linked to the Awami League, were removed. However, he assured that TCB's efforts to provide goods at reasonable prices would soon be strengthened to put pressure on syndicates. Drives conducted in Dhaka’s kitchen markets to monitor prices of essentials In response to a question, the adviser acknowledged that previous governments had allowed business interests to maintain syndicates through political connections, but said that efforts are underway to identify and dismantle these networks. On extortion in Karwan Bazar, he noted that while arrests had been made, replacements quickly filled the gaps. He called for cooperation from political parties to eradicate such practices, stressing that without their support, the transformative changes many sacrificed for would not be achieved. The adviser announced an all-out campaign against both extortion and price-hiking syndicates. He expressed concerns about the state of the economy, indicating that while the Finance Adviser was addressing challenges effectively, it could take up to 10 years to reverse the damage done over the past 16 years. The dialogue was presided over by BSRF President Fasi Uddin Mahtab and moderated by BSRF General Secretary Masudul Hoque.

Students from the Anti-Discrimination Movement have launched protests against the rising market prices in Bangladesh, demanding the resignation of three members of the Bangladesh Competition Commission, including acting chairman Salma Akhtar. On Monday, students from the University of Dhaka and several private universities gathered at the commission's Eskaton office, but authorities had locked the gates in anticipation of their protest. Today, they held another rally at Burak Tower in the capital, expressing dissatisfaction with previous discussions on price control. Magura residents in distress as prices of daily essentials skyrocket The protesters accuse the commission of failing to control market syndicates, which has led to soaring prices and raised concerns about the government's credibility. Farhan Dinar, a student representative, expressed frustration over the lack of engagement from the commission, saying they would continue their protests until a resolution is reached. As the protests escalated, Farida Yasmin, the adviser on fisheries and livestock, summoned seven student representatives to the ministry for further discussions. The outcome of the meeting is yet to be announced.

Traders have proposed increasing the prices of edible oil by Tk 10 per litre as the tax exemption deadline on it expired on April 15. Bangladesh Vegetables Oil Refiners' and Vanaspati Manufacturer's Association (BVORVMFA) sent a letter to the senior secretary of the commerce ministry in this regard on Monday. The letter was issued by executive officer of BVORVMFA Nurul Islam Mollah. Dhaka district receives lion's share of remittances so far in current fiscal: BB Report The letter stated that as tax exemption on the import of raw materials and production of edible expired on April 15 so it will be supplied at the prices fixed before the exemption of VAT. As per new rate, a litre bottle of soybean oil will be sold at Tk 173, while 5 litre bottle at Tk 845 and a litre palm oil at Tk 132. In February the National Board of Revenue reduced  the Value Added Tax on refined and crude (non-refined) soybean and palm oil to 10 percent from 15 percent. However, state minister for commerce Ahasanul Islam Titu at a meet the press at Dhaka Reporters ‘Unity on Tuesday said there is no scope to hike prices of edible oil. All factories have paid March salaries and Eid bonuses: BGMEA President He said the edible oil price can be adjusted with the international market rate but it will take time. The state minister also said the price hike would be considered on the import of new shipment of the edible oil.

Trading Corporation of Bangladesh (TCB) will start sale of four daily essentials—lentils, soybean oil, potatoes, and onions—in trucks at various points in the capital from Tuesday (November 14, 2023) alongside its family card programme. These products will be available at half of the current market price. Secretary to the Commerce Ministry Tapan Kanti Ghosh said these while talking to reporters at the conference room of the Ministry of Commerce at the Secretariat on Monday. “Through the TCB card, 13 lakh families in Dhaka are being given products at a fair price. Apart from this, from Tuesday (November 14), 25 to 30 trucks will sell products in Dhaka when 9000 more families will be able to buy goods at lower prices. 300 people will get these products from each truck. Sales will take place every day except Fridays and Saturdays, with different days allocated to different places,” he said. Read: TCB to import soybean oil, lentil for OMS programme He said that the truck sale would be conducted on a first-come, first-served basis. Given the increase in imports, the scope of this truck sale will be increased, said the commerce secretary. He said that it will be monitored to ensure that TCB family cardholders do not buy products from these trucks. Meanwhile, according to the sources of the Ministry of Commerce, a consumer can buy products from these truck sale only once a month. Read: TCB to start selling 5 products to 1 crore families at subsidized prices Tapan Kanti Ghosh said, “Anyone can buy 2 kg of lentils, potatoes, and onions and 2 liters of soybean oil. In this case, the potato will be sold at Tk 30 per kg, onion at Tk 50, lentils at Tk 60, and soybean oil at Tk 100 per liter.” About egg import, Tapan Kanti Ghosh said that the import of 25 crore eggs has been approved. “62000 eggs have been imported. Our aim is not to import eggs but to reduce the price of eggs. If the price is low, there is no problem even if the import is low,” he said. Read more: TCB to sell onion at Tk35 per kg to cardholders from Monday But until the market stabilizes, potatoes and eggs will be imported. “We got significant results because of the import of eggs and potatoes. Instructions have been sent from the Prime Minister's office that potatoes will be sold at Tk 27 per kg from cold storage. Potatoes will be released from cold storage in the presence of a district administration representative.”

State-owned Trading Corporation of Bangladesh on Thursday started selling five daily essentials ahead of Ramadan. Commerce Minister Tipu Munshi inaugurated the sale of five items- edible oil, sugar, dates, chickpeas and lentils- formally at a function at Tejgaon in the capital. These essential items will be sold in two phases at subsidized rates among 1 crore low-income families across the country on the occasion of the holy month of Ramadan. Addressing the inaugural event, the minister said the present government under the leadership of Prime Minister Sheikh Hasina has been working sincerely to alleviate the sufferings of the low-income people of the country. Every month, oil, pulse, sugar are being sold at subsidized prices to one crore families of the country. On the occasion of holy Ramadan, dates and chickpeas are being sold in Dhaka city, he said. The five products are sugar at Tk 60 per kg, lentils at Tk 70 per kg, soyabean oil at Tk 110 per kg, chickpea at Tk 50 per kg and dates at Tk 100 per kg (in Dhaka city alone). The second installment of the essentials will be sold early next month. The card holders can buy the five goods at subsidised rates from the TCB's specific sales points and dealers’ outlets. A card holder can buy 2 litre soybean oil, 2 kg lentil, sugar, chickpea and 1 kg date at a time.TCB Chairman Brig Gen Md Mahbubur Rahman was present on the occasion.

The Bangladesh government will soon fix the prices of nine essential commodities, including rice and wheat, to ease public sufferings, a senior Minister has said. "The Tariff Commission will determine the reasonable prices of these products in the next 15 days," Commerce Minister Tipu Munshi told reporters after a meeting at the ministry on Tuesday. Read: Government cuts fuel prices by Tk5 per litre These nine products are rice, wheat, flour, refined sugar, edible oil, lentils, onions, MS products (rods) and cement. Legal action will be taken against anyone found charging more than the fixed price, the Minister warned.  

BNP on Monday warned that the country is going to face an acute crisis due to shortage of food and soaring prices of daily essentials. “The entire nation is passing their days amid serious anxiety. Bangladesh will plunge into serious crisis,” said BNP senior Joint Secretary General Ruhul Kabir Rizvi. Speaking at a press conference at BNP’s Nayapaltan central office he also expressed concern that Bangladesh is moving towards ‘bankruptcy’. Also read:  Bangladesh on verge of collapse like Sri Lanka: Fakhrul “The situation in Bangladesh can be more critical than in Sri Lanka. The people of the country won’t even find peace by crying silently amid a dire economic situation,” the BNP leader said. He also said the condition of the people in the country is miserable as the prices of daily necessities are going up very quickly. “Wheat can’t be imported as the major countries have stopped its export. It will be impossible for ordinary people to buy flour after some days amid the abnormal rise in rice prices and the disappearance of soybean oil,” Rizvi said. He slammed the government for what he said its failure to stop the price hikes in daily essentials due to the foul play of business syndicates. Also read: Publish the list of Money launderers, BNP asks govt “Bangladesh is in a deep crisis of all kinds of food products. The paddy fields in a large area of Bangladesh have gone under water caused by onrush of water from the upstream and the damage of different dams, leaving farmers in a miserable situation,” the BNP leader observed.

Jatiya Party Chairman GM Quader on Monday said the prices of daily essentials keep soaring without any reason for lack of monitoring of the market. “The vegetables that the farmers are selling at Tk5 per kg are being sold in the market at Tk 50-60 due to the middlemen and extortionists,” he said. Speaking at a discussion, GM Quader also said the extortionists are collecting tolls from goods-laden vehicles in a free style by opening offices in different areas. READ: Bangladesh politics not for good people any more: GM Quader The Jatiya Party chief said common people have become completely baffled due to the unusual hike in the prices of essential commodities. “But there’s no one to check it.” He said if the price of any product is increased by Tk 1 abroad, it is increased up to Tk 100 in Bangladesh. “Those who’re supposed to monitor the market, they’re indulging in corruption. So, there’s no solution to the problem.” READ: Identify reasons why police failed to control violence: GM Quader Jatiya Jubo Sanghati arranged the programme at Jatiya Party chairman’s Banani office, making the National Youth Day 2021. GM Quader said many mega projects are being implemented in the country, but there is no effective step for creating job opportunities for the unemployed youth of the country. He said the government must take pragmatic steps for creating employment opportunities for around 4.5 crore jobless people. “The employment of youths should be ensured in all mega projects in the days to come.” The Jatiya Party chief lamented that the government is hardly bothered about the suffering of jobless youths. “No one seems to care about jobs for youths.” Unable to find work in the country, he said many young people are going abroad in many ways risking their lives. “Young people are dying while crossing the sea in unauthorised dinghy boats. Youths lose their lives while going abroad through deserts or jungles. What can be a more tragic incident than this!” He said the government can take mega projects as those who stay abroad send most of their income home. “But the expatriates are harassed as soon as they land at the airport.