Keep market stable ahead of Ramadan

PRICES of many Ramadan essentials have increased both in retail and wholesale kitchen markets across the country ahead of the holy month despite a sharp rise in imports in the past four months. Ramadan is set to begin in the third week of June. But onion prices are already surging everyday. Prices of grams, potatoes and ginger are also up selling at exorbitantly high level. But there is hardly any government move to keep the prices stable. It is always observed that importers and traders hoard essential commodities prior to arrival of Ramadan to get artificial supply crisis in markets. This in turn result in price hike of essentials that make an unethical profit to hoarder by pressing ordinary people. And a nexus work between people in political establishment, law enforcing agencies and traders to slice the ordinary people on this occasion. The holy month symbolizes sacrifice and purification from greed, thus creating unreal scarcity to make huge profit is an utter dishonesty. We call upon the business chambers, consumers’ association and the Commerce Ministry on top of it to keep an effective watch over price hiking and act in support of consumers.
A national daily on Thursday reported that more than 1.38 lakh tonnes of chickpea (gram) were imported through Chittagong Port in the four months to April, up from 81,078 tonnes in the period last year and still its prices are soaring on daily basis. Wholesalers attributed the rise in prices to have occurred from a rise in its price in international markets facing the holy month. Its price is thus bouncing up. Prices of the other essentials, like dates, edible oil, sugar, pulses, milk powder, dairy milk, fish, meat and vegetables are also up as the month is drawing closer.
Abnormal hike in commodity prices during every Ramadan exposes how our sellers take undue advantage ignoring restraint and spirit of sacrifice. Since the volume of sales during Ramadan is very high traders can spread their profits thin and still earn a big sum of money, rather than falling for get-rich-quick spree. High profiteering is opposite to our religious values and teaching.
It is advisable that the government should strengthen the watch on the market so that vested quarters can’t manipulate the stock and dictate the prices. Moreover, a growing question is hitting the mind of many as to what role, if any the Trading Corporation of Bangladesh (TCB) is going to play as a market intervention toll. There is a big question on its existence. Open market sale carried out by TCB played significant role in the past but vested quarters are reportedly not allowing it to bring relief to the common people. What is worrisome is the total silence of the government how it is going to rein in the market. People believe that concerned agencies must sit with stakeholders immediately to keep the market stable.