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Commerce Minister Tipu Munshi on Saturday said the tendency of a section of traders to make excessive profits had made the egg prices volatile on the local market, and the situation stabilised soon after the decision of egg import.
The domestic demand is 40 million eggs per day, but when a small portion -- only 61,000 -- was imported, the prices suddenly came down, he noted.
The minister made the remark at the grand finale of a debate competition jointly organised by the Directorate of National Consumers Right Protection (DNCRP) and the Debate for Democracy (DfD) on the FDC premises in the city.
DNCRP Director General AHM Shafiquzzaman attended the programme as a special guest while DfD Chairman Hassan Ahmed Chowdhury Kiron chaired the mock parliamentary debate.
Tipu Munshi said the government is not in favour of beef imports in order to protect small and medium-scale dairy farms, as many young entrepreneurs have started such business.
However, beef prices could be brought down to Tk 400 to 450 per kilogram if the government allowed its import, he added.
The minister also commented that there is no syndicate among commoners. So, vested quarters are taking advantage of this situation.
No syndicate would be able to survive if commoners made a syndicate, he added.
He acknowledged a lack of coordination among government entities, leading to delays in decisions regarding onion imports and subsequent price escalations.
DNCRP Director General Shafiquzzaman emphasised the role the private sector can play in checking price manipulation.
"It's true that the private sector's role is important in controlling price escalation, but when market practices become reckless, the government has to intervene," he said.
DfD Chairman Kiron called for stern action against price manipulators and recommended incorporating a commodity price control agenda in the election manifestos of political parties, considering the ongoing consumer woes.
At the grand finale of the competition, the topic of the debate was 'Private sector's role is more important to rein in commodity prices'. Cumilla Victoria College emerged as champions while Eden College became runners-up.
Eight educational institutions took part in the competition that began on August 11.