FBCCI to urge tariff review for Ramadan price stability

FBCCI Administrator Abdur Rahim Khan said ensuring rational taxation, uninterrupted fuel supply to mills and curbing extortion will help maintain market stability during the holy month.

He made the remarks during a views-exchange meeting with traders on the supply, import and pricing of essential goods ahead of Ramadan, organised by the FBCCI on Wednesday.

“To prevent the imposition of unjustified duties on any product, FBCCI will make recommendations to NBR,” he said.

Every year, the prices of essential items like edible oil, sugar, chickpeas, dates and fruits soar ahead of Ramadan, as traders cite increased tariffs and supply shortages while consumers bear the brunt of price hikes.

Traders attending the meeting said excessive tariffs have led to price increases, while customs duties at ports have nearly doubled compared to other times of the year.

They also pointed to a shortage of lighter vessels for transporting goods and delays of over two months in unloading cargo, which directly impacts market prices.

Traders, however, assured that no attempt will be made to hoard goods or manipulate prices ahead of Ramadan this year.

Retail traders at the meeting urged the government to take strict measures to stop extortion and to end harassment in the name of drives.

The FBCCI administrator said the organisation plans to hold another meeting with law enforcement agencies to address extortion in the business sector.

Responding to traders’ concerns over high lending rates, he assured that FBCCI will discuss the issue with Bangladesh Bank and NBR, reports UNB.

He also announced that FBCCI will deploy its own monitoring team to help the government keep the market stable during Ramadan.