The government is considering lowering the prices of other essential commodities following the recent increase in soybean oil prices, said Trade Adviser Sheikh Bashir Uddin on Tuesday.
Speaking as the chief guest at the ERF-Pran Media Award 2024 ceremony at the ERF Auditorium, he said: "The Ministry of Commerce's role is to ensure an adequate supply of essential goods. While increasing the price of soybean oil was challenging for consumers, it was necessary to avoid a major supply crisis in the market. We are now exploring ways to adjust prices by reducing the cost of other products."
Addressing concerns about market syndicates, Sheikh Bashir Uddin acknowledged that a limited number of producers and importers dominate the oil and sugar markets.
He noted: "One of the largest suppliers fled the country, significantly impacting the supply chain. Despite this, we have worked tirelessly to maintain market stability and prevent severe shortages."
He expressed optimism that prices of essentials would stabilize and decrease during Ramadan, saying: "We are confident that the supply of dates, chickpeas, lentils, and other staples will remain adequate. Preparations are in place to ensure a steady and affordable market during this time."
The trade adviser admitted to shortcomings in managing certain commodities, such as potatoes.
"We recognize the issues with potatoes this year, but we are taking steps to boost production and explore alternative markets to prevent a repeat next year," he said.
He also referred to temporary issues with imported goods from India and assured that efforts are ongoing to resolve them.
Sheikh Bashir Uddin highlighted the impact of systemic corruption, claiming that theft over the past 15 years equated to the country's total annual income.
"This massive corruption has weakened institutions, particularly in the agricultural sector, leading to inconsistent data and challenges in decision-making regarding production and demand," he said.
Regarding the Trading Corporation of Bangladesh (TCB), he announced plans for reform:
"In the next four to six weeks, TCB's dealer and beneficiary lists will be overhauled. The organization receives an annual budget of Tk11,500 crore, including a Tk4,500 crore subsidy, yet operates with only 142 staff nationwide. Such a system is unsustainable and needs immediate attention."
Bashir Uddin reiterated the government's stance against direct price fixing.
"The government aims to create a system where competitive market forces set fair prices for products. We are strengthening the Competition Commission and the Department of Consumer Protection to achieve this goal," he said.
