Only syndicates can’t be blamed for price hikes: commerce adviser

The government, dissatisfied with the higher prices of essential commodities, is concerned about the syndicate in local egg business as a group of companies are manipulating its local prices, Commerce Adviser Salehuddin Ahmed said today.

"We are not very satisfied with the current price level of essential commodities," he said while replying to the queries of journalists after visiting the city's Karwan Bazar kitchen market today.

During the visit, the adviser sought price charts of different commodities from the traders and suggested they reduce the gap in production, wholesale and retail prices.

It is very difficult to maintain the fixed prices of commodities, he said.

The adviser said the government cannot evade responsibility by blaming the syndicate for the high prices.

The government is concerned about the syndicate, he said, adding that a few companies, such as Kazi and Paragon, have been making hefty profits by selling eggs at higher prices.

The adviser also said he discussed the issues with the egg producers yesterday and today in multiple meetings at the ministry.

"Eggs cannot be produced in a factory like chocolates," the former central bank governor said and acknowledged that there is a shortfall in egg production at present.

For instance, previously Bangladesh used to produce 4.5 to 5 crore pieces of eggs a day, which came down to 3 to 3.5 crore pieces because of floods in different egg-producing areas whereas the country needs 4-4.5 crore pieces a day, he said.

Regarding vegetable supply and prices, the adviser said devastating floods and excessive rainfall in some areas like Cumilla and Noakhali have disrupted farm production, resulting in a massive rise in prices of the essential commodities.

Retail sugar prices will come down by Tk 12-13 a kilogramme as the government has recently reduced import tariff on the product, he said.

Similarly, the government is also finding ways to reduce the prices of imported edible oil in the local markets.

The adviser said it would not be fair to say that the interim government has failed within two and a half months after taking charge of the state whereas the previous government had been in power for 15 years.