Bring price manipulators to justice

There is nothing new to say about the instability of Bangladesh's markets. The prices of essential commodities are increasingly out of control, causing great distress to the public. Items like eggs, onions, cooking oil, and vegetables are all beyond control. People are struggling to cope. Some attribute the price hikes to reduced imports, decreased production, or syndicate operations. However, a report published in the newspapers on Monday (October 14) revealed that the main reason for the rampant price increases is the collusion of four groups.

According to available information, the National Consumer Rights Protection Directorate has indicated that stockists are involved in the rising prices of various goods, including vegetables. The agency noted that middlemen, wholesalers, and retail traders are all collaborating to drive up prices.

The agency under the Ministry of Commerce regularly conducts market monitoring activities. We know that the government recently formed a task force for market monitoring. However, there have been no reports of any tangible results. It appears that as soon as the monitoring teams leave the market, the previous situation returns.

The question arises: why do consumers purchase products at prices higher than the designated rates? The answer is simple—these essential items are indispensable for daily life. However, the issue is that the same product is available at different prices in various markets. For example, there has been extreme chaos in Dhaka regarding green chili prices, with some markets selling it for five hundred taka per kilogram, while others offer it for two to three hundred taka. This indicates that sellers are exploiting every opportunity to impose unfair prices on consumers.

Interestingly, we also observe a peculiar mentality among consumers: when the price of a particular item increases, its sales tend to rise even further. Consumers think that if they don’t buy now, the price may rise even more later, so they purchase in larger quantities. This allows sellers to make hefty profits. However, if consumers collectively decided to refrain from purchasing those products for a short time, sellers would be compelled to reduce their prices.

Another concern is why the syndicate cannot be broken even with the army deployed. Is this syndicate really that powerful? A consumer raised an interesting point on social media, suggesting that rather than tackling the syndicate nationwide, authorities should first focus on break the one in Karwan Bazar.

According to the Consumer Rights Protection Directorate, there are nearly 1,200 illegal traders operating in Karwan Bazar. They do not have any business registration, receipt books, or other approvals. Evidence has shown that stockists are involved in driving up vegetable prices. Together, middlemen, wholesalers, and retailers are collectively inflating prices. The Directorate has already fined five traders a total of 88,000 taka for engaging in illegal business practices and price manipulation.

We urge that such fines be increased further, and that the culprits be brought to justice. If this network cannot be broken, the prices of essential goods will not decrease. Furthermore, if stability cannot be achieved in the market for essential commodities, the current government will continue to face criticism.