DHAKA:  The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex body of country’s businesspeople, will form market-monitoring committee to keep the prices of essentials in tolerable levels during the month of Ramadan.

Newly elected FBCCI President AK Azad unveiled the plan while talking to newsmen after an exchange-of-views meeting with leaders of various business bodies at the FBCCI office Sunday.

“The committee will be formed later in the day (Sunday) in line with the discussions with the leaders concerned to monitor the market of essential items during the month of Ramadan,” he said.

The committee will have representatives of intelligence agencies, the FBCCI president said.

Azad said the price line is now stable. The committee will see why the prices go up during Ramadan, the Islamic month of fasting and festivals.

The watchdog body will also recommend to the government for awarding deterrent punishment to the dishonest traders found responsible for price-fixing offence.

Karwan Bazaar Wholesale Owners Samity general secretary Abdul Mannan said prices of perishable items depend on supply to the kitchen market. “For this reason, it is impossible to control the prices of the goods beforehand.”

Bangladesh Sugar Traders Samity president Anwar Habib said monthly demand for sugar is 1.54 lakh metric tonnes, but the demand shoots up to 2.5 lakh metric tonnes in the month of Ramadan.

“Since the sugar mills cannot meet the demand, the authorities are forced to go for import of the item. The importers have to pay Tk 4,000 for each ton of sugar imports, for which the price goes up,” said the trader-leader in his explanation of tricks of the trade.

The discussion meeting suggested the consumers to buy those items prices of which go up before Ramadan--and buy in lesser quantities.  

The meeting was attended by top leaders of different business bodies to plan proper marketing strategies ahead of Ramadan, commencing next month.

BDST/1513, July 11, 2010