The government on Tuesday fixed the profit margin at one per cent for the importers and the wholesalers in a bid to check price hike of essentials ahead of the Ramadan.
It also fixed the profit margin at 10 per cent for the retailers to sell the non-packed items in the market.
The items include sugar, edible oil, gram, pulse, garlic, ginger, chili powder, spices, date and turmeric—the demand and prices of which go up abnormally during the month of fasting.
The decisions were taken at a meeting at the ministry of commerce with importers and traders attending.
Additional secretary ATM Mortuza Reza Chowdhury who presided over the meeting told reporters that the rates would be applied from today.
Helal Uddin, a director of the country’s apex chamber body, the FBCCI, and also president of the shop owners’ association, attended the meeting.
The additional secretary warned that tough actions would be taken if the decisions are violated.
The commerce ministry will deploy more than a dozen of vigilance teams to ensure implementation of the decisions, he said.
Mortuza Reza said the businesses have promised to display the price chart at the warehouses and shops which would include import costs and selling prices.
He also said the sellers would not be allowed to charge higher than the maximum prices for the packed products.
The government faces severe criticism for price hike of essentials during the Ramadan when a section of traders and shopkeepers make higher profits on increased demand in the absence of proper monitoring.
Various quarters have long been demanding for revitalising the state-owned TCB as part of market regulation and monitoring. But the demand did not draw much attention by the successive governments.