"The intelligence agencies have informed us that a syndicate was working to increase the prices of essentials," the minister told BBC Bangla radio.

But he declined to name the syndicate members for the greater interest of investigation. "At the primary stage, we do not want to disclose the names," he said.

He also said his ministry is working to bridle prices of essentials by next month.

UNB adds: The commerce minister yesterday said he will soon meet the bazaar committee of the capital city to fix the prices of daily necessities considering the plight of the fixed income people.

"We'll soon meet the bazaar committee and fix the prices of essentials," he told the news agency after visiting Khwaja Garib Newaz Market at South Jatrabari. During the minister's visit, most of the wholesale traders closed their shops.

The minister said the prices of onion, garlic and ginger are already coming down and there is no extortion in the market.

On Wednesday, he said prices of essentials would come down by the next month as necessary measures have been taken to this effect.

Asked to elaborate, Hafiz said: "This is not an exact science that when I say on a given day that the prices will come down, it will start doing so. This follows 'supply and demand' rule of the economy."

Prices of many items are already coming down, he said, but warned if the fuel oil prices are raised, prices of essentials will rise again.

The minister said in the coming budget session, the country's legislators may discuss the fuel price-hike issue and put forward their valuable suggestions.

"I think the MPs will give their suggestions," he said.

Earlier in the morning, the commerce minister visited Nimsar Hat of Comilla and talked to some traders and farmers learning that there is much difference between prices of vegetables there and in the capital.

"In Comilla, I was told that the wholesalers are making money while in Dhaka the wholesalers say that the farmers are getting higher prices for their produces," he said. "I am rather confused about who is actually making more money."

Hafiz said farmers were selling one kilogram of `Korolla' at Tk 8 to the wholesalers at Nimsar Hat, but at Khwaja Garib Newaz Market at South Jatrabari, `Korolla' was selling at Tk 16 per kg.