Commerce Advisor Sheikh Bashiruddin has stated that there is no difference between bottled and loose oil except for the price. Speaking as the chief guest at a policy conclave on "Rational Pricing of Food Products: Exploring Market Oversight Strategies" held at a local hotel in Dhaka on Sunday, he emphasized the need for proper market management. The event focused on ensuring fair pricing for consumers and bringing efficiency to market operations.

Sheikh Bashiruddin pointed out that various institutions, such as the Competition Commission and the Directorate of National Consumer Rights Protection, exist to regulate the market. He also mentioned that Trading Corporation of Bangladesh (TCB) plays a crucial role in expanding the business space, while the Tariff Commission and the National Board of Revenue (NBR) work to make the market more consumer-friendly.

During his speech, Sheikh Bashiruddin urged local producers, importers, and traders to create a more competitive market environment. He noted that international commodity prices suggest that prices should decrease in the local market. Despite sufficient import facilities and adequate stockpiling, the Commerce Advisor remarked that there is no reason for prices to rise, particularly for essential items such as oil, sugar, chickpeas, and dates. He reassured the public that there would be no shortage of these products during Ramadan.

The Advisor acknowledged that there had been significant discussions regarding what constitutes rational pricing for food products. He stressed the importance of turning these discussions into practical actions, suggesting both short-term and long-term plans to address the issue. Furthermore, he emphasized the need for sound policies to provide genuine assistance to consumers.

In an important policy shift, the Commerce Advisor mentioned that Bangladesh used to export 5-6 lakh tons of rice bran oil to India every year. This oil is considered highly beneficial for health. The government has made it difficult to export rice bran oil by imposing a 25% regulatory tax. He expressed confidence that the introduction of rice bran oil into the local market would help stabilize oil prices even further.

Sheikh Bashiruddin also addressed the importance of ensuring competition in the market by making the Competition Commission more independent. He criticized the country's economic policies, arguing that they benefit the wealthy elite rather than the general population. He lamented the lack of significant investment in the country over the past 15 years, which, in his view, has led to stagnant job creation. He questioned how the government plans to increase tax collection without promoting investment, pointing out that banks have been transformed into criminal institutions, and criticized the destruction of institutions like Islamic Bank and TCB. He also revealed that 4.3 million false beneficiaries had been discovered on TCB's list, calling for further scrutiny.

The keynote speech at the event was delivered by Dr. Khondaker Golam Moazzem, Research Director of the Center for Policy Dialogue (CPD). Other notable speakers included Md. Abdur Rahman Khan, Chairman of the National Board of Revenue, Anu Muhammad, an economist and former professor at Jahangirnagar University, Acting Secretary of the Ministry of Commerce Md. Abdur Rahim Khan, chief organizer of the National Citizen Committee Sargis Alam, and key coordinator of the Anti-Discrimination Student Movement Umama Fatema.