Belying the assurance of the ministry concerned, the prices of a number of essential kitchen items have recorded a sudden rise ahead of the holy month of Ramadan. However, there is no earthly reason for such an increase. The supply of all essential items in the domestic market is abundant and the international prices of the same are stable. Yet, traders, as part of fleecing consumers, have hiked the prices of a few items the consumption of which goes up during the month of Ramadan. Until now sugar and onion are at the top of the traders' list and a few more are likely to be added to it within days.
Traders can hardly justify the abrupt rise in the prices of essential items. Tailbacks on highways and public holidays for about a week have, however, been cited by traders as major factors for the price increase of essential items such as onion and sugar. But these are lame excuses only. And that is how things go in this country which is more of a sellers' market. The consumers are always at the receiving end here. There is no denying that the ministry of commerce does try to keep the prices of essentials in check during the holy month of Ramadan. It holds a number of meetings with importers and wholesalers months ahead of Ramadan to take stock of the situation. The traders do invariably assure the top notches of the administration in such meetings about maintaining price stability. But they hardly keep their promise.
A section of consumers is partially responsible for price hike. They tend to buy some items in bulk ahead of Ramadan. Though such buying does not anyway create any disruption in the supply of the relevant items, the traders concerned do largely seek to capitalise on this situation by raising their prices. Within the last couple of days, the price of onion recorded a rise to the extent of 25-30 per cent for no valid reasons. Sugar prices, too, have gone up, though not to that extent. The wholesale market of the widely used sweetener is now quite volatile because of its alleged short supply. However, this allegation is not true, for import of the item has been far greater than the domestic requirement.
There should otherwise be no reason to grumble if the prices go up because of the demand-supply mismatch. But the price hike for no tenable reasons, barring 'unreasonable' profit-motive, is bound to create resentment among the consumers. The government does appear to be helpless in the face of such an attitude demonstrated by a section of traders who form a cartel to milk the consumers.
Some people suggest intervention by the state-owned Trading Corporation of Bangladesh (TCB) to counter profiteering indulged in by private traders. But that is not a rational proposition; the TCB neither has resources nor logistics to make any large-scale 'intervention' in the market. The fact remains that fair trade is a moral issue. Traders and trade bodies do need to uphold the principles of fair trade. The Competition Law could also be a handy tool here for the government to deal effectively with monopolies, oligopolies and cartels in trade, provided its provisions are strictly enforced.