Wholesalers warn of corporate control, extortion ahead of Ramadan

Essential commodity prices may spiral ahead of the upcoming Ramadan if corporate companies fail to ensure smooth supply and if extortion and harassment continue along the supply chain, traders said today.

Wholesalers, importers, and association leaders demanded import duty cuts, consistent market monitoring, and immediate steps to curb extortion by local groups.

They made the call at an event organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in Dhaka.

Representatives from Dhaka's Shyambazar and Karwan Bazar markets said large corporations manipulate prices and supply chains.

"Corporate businesses are deceiving consumers," said Farid Uddin, president of the Shyambazar Agricultural Products Traders' Association.

"They delay supply, and a Tk 3 product becomes Tk 30 after packaging. The government must rein in these corporate houses."

He alleged that extortion is widespread. "We pay bribes twice—while loading and unloading goods."

He further claimed that police officials remain silent despite being aware of the extortion, adding that the government has failed to act.

Omar Faruk, president of the Karwan Bazar Wholesale Traders' Association, said market stability depends on uninterrupted supply.

"If goods flow properly, prices will remain stable," he said, urging authorities to allow traders to operate "without fear."

He also sought uniform pricing for soybean oil, saying companies charge different rates. Moulvibazar Traders' Association President Bashir Uddin alleged that refiners favour select dealers, causing artificial shortages.

Super Market Owners' Association President Zakir Hossain said harassment by officials has become routine.

"Every Ramadan, prices rise due to weak monitoring, allowing a few traders to exploit the situation," he said, accusing corporate firms of "unjust business practices."

Fruit Importers' Association President Sirajul Islam said high duties are pushing up prices.

"If the import price of dates is Tk 100, we pay Tk 200 in duties. High customs valuations raise costs and enable money laundering," he said.

Meghna Group Deputy General Manager Taslim Shahriar said low gas pressure disrupts sugar production, while TK Group Director Shafiul Athhar Taslim proposed direct government import of sugar and edible oil to stabilise prices.

FBCCI Administrator Md Abdur Rahim Khan, who chaired the meeting, said law enforcers would be requested to take action against extortion.

He added that the FBCCI would share the meeting's recommendations with the commerce ministry and the NBR.