The market mechanism in Bangladesh, allegedly being controlled by the unscrupulous members of the syndicate, is marked by an unholy alliance of the business stalwarts. Now they have started a violent game just ahead of Ramzan, the fasting month for the Muslims. Usually, the demand for certain commodities increases during this month, but all those commodities are now about to touch the sky. Consumers, particularly the poor and marginal class are totally frustrated due to uncontrolled prices of essentials, as they will have to spend more to meet the necessities.
The government initiatives to keep the prices of essential commodities stable have totally failed. Items including atta, red lentil, sugar, beef and edible oil, are still selling at high prices in the capital city and elsewhere across the country. The prices of vegetables have remained somewhat stable, but those of aubergine, cucumber and lemons have almost doubled as usual prior to Ramzan. According to TCB data, the prices of essentials have gone up by 12-44 per cent in one year. There is no reflection of the recent NBR’s waive of 10 per cent VAT on the imports of refined and unrefined soya bean and palm oils and the oilseeds. Earlier, the NBR also waived 15 per cent VAT on the crushing of both the oilseeds by refineries and 5 per cent VAT at the trading level.
Consumers Association of Bangladesh chief told the media that the government does have a desire to stop extortion from commodity trucks on roads and highways. The irregular market control drive by the officials of the Directorate of National Consumer Rights Protection would not help stop price hikes of essentials. The officials just go to a kitchen market one in a month and find some small shopkeepers. It’s totally funny. Market observers say, it has become a tradition that traders will increase the prices of essentials ahead of Ramzan here, but this year the rates of increases are much higher compared with the previous years. Being a member of a low income group of people, we are still struggling to cope with the income loss during the pandemic, added sufferers with a tragic tone.
