Shop owners in Bangladesh today termed the price fixation of 29 commodities by the Department of Agricultural Marketing (DAM) as "meaningless and unrealistic".

"We demand cancellation of this notification. If it is not cancelled, we will have no option other than putting an end to our business," said Helal Uddin, president of the Bangladesh Shop Owners Association.

He made the comments at a press conference about the price fixing of 29 commodities by the DAM, at his office in Dhaka.

He said the prices were set by the government agency without sufficient examination and consideration.

And despite its recent failure to enforce price caps on some daily essentials, the government has once again fixed the prices of 29 commodities from the producer to the consumer level.

In a circular on March 15, the DAM fixed the prices of several commodities, including red lentil, chickpea, egg, onion, potato, broiler chicken and beef.

An economic slowdown is prevailing worldwide, including Bangladesh, with wholesale and retail prices having increased due to hikes in production and import costs, Helal said.

Besides, peoples' purchasing power is decreasing in line with the persistent inflationary pressure and many small and micro businesses have lost their capital amid this prolonged period of calamity, he said.

He said fixing product prices at this moment will affect both the government and businessmen.

Against this backdrop, Helal also said the DAM can arrange to sell these 29 products at the fixed retail prices during Ramadan under its own management.

"If needed, we will arrange space in different markets," he said, adding that the market would benefit if the government does this instead of fixing the price.

Helal went on to say that the traders are trying their best to keep product prices within the reach of the consumers.

Additionally, monitoring of retailers should be reduced but increased at the producer level.

As such, the leaders of the shop owner's association called for the cessation of extortion at various levels.

At the press conference, the shop owners placed several demands, including ensuring accurate statistics of import and production of various goods, increasing the capacity of the Trading Corporation of Bangladesh and streamlining market management.

Also, they demand the presence of an efficient supply system as per the market demand.