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The Tariff Commission has submitted an interim report on
three products to the Ministry of Commerce on September 15, 2012.
The Bangladesh Trade and Tariff Commission (BTTC) believes
that there is an opportunity to reduce the profit that the companies are making
in the sale of soybean oil, palm oil and sugar. The organization said these
things in an interim report submitted to the Ministry of Commerce last Thursday
(September 15, 2012).
The Ministry of Commerce decided on August 30 that the price
of 9 products ie rice, flour, flour, soybean oil, palm oil, sugar, lentils, MS
rod and cement will be fixed.
Commerce Minister Tipu Munshi announced that BTTC will sit
with importers and traders to determine the prices of these products every
month and the work will start within 15 days.
After completion of two weeks, BTTC sent the report to the
Ministry of Commerce on Thursday. They said there is scope for some narrowing
of profits in the supply chain of soybeans, palm oil and sugar. BTC has held
several meetings with importers and traders before making this recommendation.
According to the information of Trading Corporation of Bangladesh (TCB), last Thursday, one liter of soybean oil was bought and sold at the rate of 190 to 195, one liter of super palm oil from 145 to 150 and one kg of sugar at the rate of 90 to 95 taka.
In the interim report, BTTC expressed its inability to act
on fixing the price of rice. BTTC said, the Ministry of Food and Agriculture
can play the main responsibility in this case. Apart from this, BTTC has asked
for 15 days to make recommendations on lentils, flour and flour. The company
has asked for a month for the rod and cement. This information is known from
the sources of the Ministry of Commerce.
Commerce Secretary Tapan Kanti Ghosh said that he could not
inquire about BTC's interim report due to illness. However, the Ministry of
Commerce has called a meeting again on September 19 to discuss the whole issue.
BTTC, Bangladesh Competition Commission, TCB, National Directorate of Consumer
Protection and Federation of Bangladesh Chamber of Commerce and Industry
(FBCCI) have been requested to attend the meeting.
According to sources from the Ministry of Commerce, despite
meeting with importers and traders, BTC could not decide on the dollar rate.
Confusion has arisen as to whether the official rate or the inter-bank rate
will be analyzed. The BTC report said that there is a big difference between
the domestic market of rods and cement with the international prices.
First Vice President of FBCCI Mustafa Azad Chowdhury was
present with the concerned parties in the meeting on the day of the decision to
fix the price. He said, there is no reason to be complicated with the dollar
rate to calculate the imported products. It should be calculated based on
interbank rates. It may be decided in the September 19 meeting.
According to the report submitted by BTTC 9 products to the Ministry of Commerce two weeks ago, the price of steel scrap in the international market has fallen by 14 percent in a year. However, the price of 60 grade rod has increased by 15 percent and 40 grade rod has increased by 16 percent in the country's market. Apart from this, the price of cement has increased by 31 percent in a year.
|Source: Online/SZK
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