TDs Desk:

Industry people urged the interim government to form an independent commission to adjust the price of essential commodities including soybean oil each month.

“The price of commodities including cooking oil fluctuates every hour around the world. The existing system takes a couple of months to publish tariffs. To cope with the international market, an independent commission can contribute to ensure fair prices of the commodities,” Bashundhara Food Division Head Redhwanur Rahman told a meeting with Competition Commission Bangladesh (CCB) on Wednesday.

The Commerce Ministry adjusts the price of cooking oil every 15 days in collaboration with Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association.

Redhwanur Rahman said, “Bashundhara is not part of any organisation or any syndicate.”

CCB Chairperson Pradip Ranjan Chakraborty presided over the meeting while student representative Bin Yamin Mollah was also present at the meeting.

He urged the cooking oil manufacturers to submit the revenue papers (VAT 4.3) to the authorities within a short time to review the market practices.

Pradip Ranjan Chakraborty along with the student leaders, at a meeting on Wednesday, appreciated the representative of Bashundhara Group for bringing all related papers on soybean oil refining.

About the limitations of the Commission, Pradip Ranjan Chakraborty said the Commission has been working with 42 staff members and limited resources.

“Almost all business conglomerates including Bashundhara, City, S Alam, Meghna – all appeared to our tribunal upon investigation. There are 27 writs pending at the High Court regarding the competition issues,” he said.

Replying to a question from students, Bashundhara Food Division Head Redhwanur Rahman said that it takes at least 55 days for a company to complete procurement of crude oil from foreign sources.

“Another issue is dollar price. The central bank fixes a rate which is not implemented at the teller of respective banks. There is a gap and also the ‘speed money’ is involved in this process.”

Rahman said, “During a meeting with the Commerce Ministry, we discussed the issue. The government agencies are aware of this mismatch of dollar price.”

Student leader Bin Yamin said that the young generation wants reforms in the system to control the “illegal profit maximisation” by the business community.

“All companies know the people who take the speed money. We will forward the list to designated authorities to take action.”

Yamin said, “We believe the price of commodities can be dropped by eliminating corruption at different levels of administration.”

He suggested establishing a Truth Commission for maintaining transparency in all public and private offices beyond syndicate and stopping the abuse of power.

The student leader urged the Commerce Ministry to abolish all committees of trade bodies including the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) to break the syndicate of oligarchs created by Awami League.

A student leader sought the documents of dollar price anomalies against the official rate for further investigation.

Most of the participating officials of companies except Bashundhara couldn’t reply about their company’s stance upon a related question from the student leaders.