Speaking to the businesspeople at the meeting, Altaf alleged a few created a monopoly in the essentials market, leading to an unusual price hike.

"We have to trace those responsible for the price spiral," Altaf added.

He assured the meeting that the government would take 'all possible measures' to ensure security of the traders.

The minister, listening to the problems the business community faces, said if the interest of importers, producers and businessmen could be protected, the interest of consumers will be protected as well.

The business leaders told the minister they were selling soybean oil at a loss-making rate. They said they would adjust the prices of oils, depending on a US forecast that was to be available by noon yesterday.

Emerging from the meeting, Altaf told journalists that prices of rice in the last one month came down 6.45 percent.

When journalists asked whether this improvement is a result of his assuming the commerce portfolio, Altaf said: "we are making an all-out effort."

Ruling BNP lawmaker Nasiruddin Pintu and Adviser to the commerce ministry Barkatullah Bhulu were present at the meeting.

Pintu urged the minister to reopen the defunct Trading Corporation of Bangladesh (TCB) as a market intervening arm of the government.