Market monitoring a must to ease people’s burden during Ramzan

Deployment of joint forces to keep watch on the essentials market during Ramzan would not yield the desired outcome. Joint forces were engaged in monitoring the market during the tenure of the last caretaker government. Because of them, the number of big commodities businessmen has come down from 25 to 5.

Some bad businessmen increase the prices abnormally but the entire business community is held responsible. Businessmen who view Ramzan as a month to bag higher profits should leave this mentality. If the commerce ministry can ensure that the dollar will not appreciate during Ramzan, the price of essentials might be stable. So, there is nothing to stress about the price increase of these products. There is no shortage of products, but there is a shortage of management.

According to a commerce ministry source, the import of crude soybean oil declined 47 per cent, gram 21 per cent and dates 3 per cent in the first half of fiscal 2022-23. The opening of letters of credit for the import of raw sugar slumped 28 percent year-on-year to 3.75 lakh tonnes in the last quarter of 2022. It dropped 47 per cent to 75,319 tonnes for chickpeas and 30 per cent to 21,980 tonnes for dates. In the case of chickpeas, it was 47 per cent lower at 75,319 tonnes. For dates, it was 30 per cent lower at 21,980 tonnes.

Traders blame each other for the rise in prices during Ramzan. The government has assured steps to be taken to ensure price stability of essentials during Ramzan. Ramzan is usually a month for high inflation and unbridled profiteering for the traders. Amid the ongoing skyrocketing price of daily kitchen essentials, we must ask the government to control market manoeuvres, and set an example of punishment for those who become involved in any kind of extortion by police, Chhatra League or any vested quarter. Ordinary citizens are already in trouble. Try to ease their burden at least.