'The local market price of edible oil and sugar was adjusted from time to time in line with international market rates'

13/09/2023 (Dhaka Tribune) - The Commerce Ministry has asked the National Board of Revenue(NBR) to further rationalize duty rates imposed on sugar and cooking oil imports, said Commerce Minister Tipu Munshi in the parliament on Tuesday.

He said that the government's timely actions have made it possible to stabilize commodity prices and supply.

In replying to a query from Gonoforum MP Mukabbir Khan, the minister said measures are being taken to ensure an unstable situation is not created in the market in future.

Munshi said his ministry and the Directorate of National Consumers Rights Protection were keeping an eye on preventing instability in the market.

He said that all possible measures -- including the removal of import barriers, reduction of customs duty, normalization of gas-electricity supply, ensuring quick clearance at ports, and supervision of import of goods as per letters of credit (LCs) -- were taken to keep the supply of goods in the market uninterrupted.

He said that the Bangladesh Competition Commission was requested to investigate whether there were irregularities or monopolies in the poultry market.

The minister also said that the local market price of edible oil and sugar was adjusted from time to time in line with international market rates.

In response to a question from Awami League MP Anwer Hossain Khan, the commerce minister said that prices of import-dependent daily necessities had increased due to higher transport costs, the Russia-Ukraine war and increasing dollar rates.

The effects are being observed in the prices of daily essentials, including spicy items, he added.

https://www.dhakatribune.com/business/commerce/325195/govt-asks-nbr-to-rationalize-sugar-cooking-oil