Prices of sacrificial animals and other essentials in the market are behaving abnormally ahead of the holy festival of Eid ul-Azah as the government failed to rein in syndication.
According to sources in the Commerce Ministry, the much-sought after Bangladesh Competition Commission (BCC) is yet to come into being though three years have elapsed and Tk10 lakh was allocated by the Finance Division for smooth operation of the commission.
Over the past three years, the government failed to find a suitable chairman for the regulatory body, and formulate a competition policy, added the sources.
The BCC was thought to be curbing collusion, monopoly and oligopoly in the market, but it is yet to be known when the proposed commission will start functioning.
In the wake of the government failure to start such a consumer-friendly commission, a wide cross-section of poor individuals reel under the price spiral, particularly in the lead-up to any religious and social festivals.
As per the market insiders, a total of 40 unscrupulous traders have been masterminding the price spiral of essentials for reasons unknown in the port city market.
In the capital’s wholesale kitchen markets, per kg cumin was being sold at between Tk230 and Tk360, but in the retail market, it was being traded between Tk400 and Tk500 a kg.
The cattle traders’ syndicate has already raised the prices of cows, specially the small ones, and the price ranges between Tk30,000 and Tk50,000, said market insiders.
Secretary to the Ministry of Information, Hedayetullah Al Mamoon, ndc told the Dhaka Tribune to appoint a chairman for the BCC is a pending issue which will be solved very shortly.
“We will do everything to protect consumers’ right in the country.”
In September 2013, Bangladesh Competition Commission got its secretary nearly one year after establishing the regulatory body to monitor and control the market cartel.
The government appointed joint additional Secretary Md Sujayet Ullah to the post.
As per the law, the government will select one commissioner from five possible commissioner candidates.
The BCC will be comprised of a chairperson and a maximum of four members and may investigate into any allegation on its own.
Besides, the regularity body will oversee the market situation and take necessary measures against unscrupulous businesses and organisations.
Under the law, if found guilty of violating the commission’s order, one will be punished with a jail sentence of maximum one year and a fine of up to Tk100,000 per day in case of non-compliance with the orders.
The government will take appropriate measures against business syndication to ensure healthy competition in trade and commerce as per the law.
The Commission, equivalent of a civil court, will be responsible for ensuring the enforcement and implementation of the Competition Law 2012 to resist any anti-competition designs and ensure healthy competition for all, particularly small and medium enterprises.