Manipulating Price Goes Against Islamic Values
Despite being graduated to a developing country, most of the people in Bangladesh are still living below the poverty line. At present, the unbridled rise in prices of essential commodities is the most talked issue in the country. Due to black market, profiteers, hoarders, etc., the prices of food, rice, pulses, oil, salt, pepper, sugar, milk and other essential commodities are increasing day by day and it is becoming more and more difficult for the poor and middle class people to procure these items. The price of every commodity is rising beyond the purchasing power of the common man. The rich are getting richer and the common people are fighting for their lives. Inequality is on the rise especially in the Covid time. The common man therefore today is suffering immensely due to the rise in commodity prices ahead of Ramzan.
Price-hike of essential commodities is currently one of the national problems of the country. The ordinary people are at a stake due to price-hike. The prices of most commodities are now beyond the purchasing power of low-income people. The prices of rice, pulses, oil and other daily commodities have been increasing from time to time. In this context, the syndicate of traders is one of the main reasons for the rise in commodity prices. It is often alleged that a class of highly lucrative unscrupulous merchants control the market by hoarding the daily necessaries. The government has also blamed the business syndicates for the rise in prices at different times. Extortion of large sums of money on industrial owners, entrepreneurs, producers and traders is another reason for the rise in commodity prices. Traders and producers compensate the extortion by increasing the price of goods. As a result, ordinary consumers are affected. The impact of rising commodity prices in the international market is also felt in the domestic market. When the price of a product goes up in the international market, its price naturally goes up in the domestic market. Commodity prices also rise due to tariff hike.
The holy month of Ramzan is likely to start on April 14. In the meantime, the market for daily commodities has started to become chaotic. Every year before Ramzan, the Ministry of Commerce meets to control prices. This time, the state minister has already said that there are adequate stocks; there will be no shortage of goods during Ramzan. But the buyers are not finding any similarity of reality with such statement of the minister. If the stock of goods is sufficient, why is the market so volatile before Ramzan? And this is the reason why the fears of the common people are increasing. As Ramzan approaches, commodity prices continue to rise. Islam has all such time-honored well-thought policies and far-reaching market plans. If they are implemented, it will be possible to control commodity prices and prevent undesirable inflation. There is no alternative to implementing the business principles of Islam to curb the current rise in commodity prices.
Victims say unscrupulous traders increase the amount of manipulation even before Ramzan. They increase stocks illegally, create an artificial crisis. Market analysts say, commodity prices rise every year as Ramzan approaches. Even the prices of some products go beyond the reach of the buyer. The concerned government departments held several meetings to take action against these dishonest traders. Strict warnings are also given and various initiatives taken. But dishonest traders are very powerful; they are always out of reach. Despite the government’s call for market control during Ramzan, the market remains uncontrolled every time. Market control measures and promises remain on paper. Market analysts say that despite the government’s promise, the prices went up during Ramzan last year. The price of every essential like lentils, onions, sugar, beef and broiler chickens were sold at an additional price of 10 rupees per kg. Besides, fruits and vegetables have also been sold at higher prices.
The rising pressure of price-hike on the common man needs to be stopped as soon as possible. The country’s hoardings, artificial crisis of goods and smuggling- must be prevented first of all. The law enforcement agencies of the country have to be more strict and responsible. At the rural level, farmers need to increase various facilities including lending. Communication systems need to be developed so that they can easily ensure products friendly market and sell products at fair prices. The government has to fix the price of each product. In this way the price of goods will be within the purchasing power of the common man. In an independent country, the price of essential commodities is like a thunderbolt for the poor. Different classes of traders are syndicating and increasing the prices of daily necessities. The government must crack down on these greedy unscrupulous businessmen. It is necessary to set up commodity price and monitoring committees in all markets to ensure that the prices of essential commodities are being posted in every market and shop and that the products are being sold at fixed prices. The goodwill of the government and the business community is able to play a significant role in ensuring that the common people of the country can live a better life by preventing the price-hikes of essential commodities.
(Dr. Forqan is former Deputy Director General, Bangladesh Ansar & VDP).
