The government has initiated a move to establish a price control authority in a bid to enforce the steps so far taken to rein in soaring commodity prices, officials said.
The Ministry of Commerce (MoC) has been tasked with the job so that the government can control commodity prices efficiently, they added.
"We are working on establishing a body that will enforce relevant acts and regulations relating to the control of commodity prices," a senior MoC official told the FE.
Commerce Minister Faruk Khan last week asked the MoC officials to start the work which is also one of the ruling Awami League's election pledges.
Recently the Prime Minister's Office (PMO) has asked the MoC to take steps to fulfil the present government's election pledges that are related to the ministry, sources said.
Keeping the commodity prices within the reach of common people was also another election pledge of the ruling party.
Sources said there was a similar type of body in Bangladesh in the past through which the government had been controlling the commodity prices. Importers had to inform the authority of the detailed information about the import status, stock, supply status and prices of commodities.
"The body had been abolished in the 90s weakening the government's control over the market. Now unscrupulous traders charge the consumers at their will," another official said, preferring anonymity.
The government is also working on the establishment of a market intelligence unit (MIU) to monitor unusual price hike of essential commodities by unscrupulous traders.
From the MIU plain-clothes intelligence people will be engaged in getting information about the ups and downs of the commodity prices, import and their supply chain status.
Talking to the FE Friday, Consumers Association of Bangladesh (CAB) President Quazi Faruque said enacting a law or establishing a body would not bring any benefit for people unless it is effectively enforced or it works.
"The government needs to enact necessary laws and ensure their enforcement to control the unscrupulous businessmen who have nowadays been disobeying government order."
He said: "Businessmen promise the government one thing in a formal meeting but practically do the other. They don't keep their commitment."
Source: thefinancialexpress-bd.com
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