Price Hike: Volatility Remains in Daily Commodity Market
Despite the various government initiatives, the instability in the market for daily commodities does not end. Although the duty exemption has reduced the price of edible oil, onion, and sugar, it has not affected the market. The price of one product decreases, and another increases. No initiative normalizes the market.
Onion and sugar prices have increased in the market despite reducing export duties. In a week, onion prices increased by Tk10 to Tk15 and are being sold at Tk130 to Tk140 per kg. Imported onions, depending on the quality, are being sold at Tk110 to Tk120.
The price of sugar has increased by Tk10 per kg. Even though the price of bottled soybean oil has not increased, the companies have reduced the supply. The price of open soybeans has increased by Tk5 per liter.
The price of rice has increased in the syndicate of mill owners. Prices of vegetables and chilis decrease but are still not within the purchasing ability. The price of eggs has decreased slightly during the week.
Buyers say that the prices of some products have decreased compared to earlier. The price of one product decreases but another increases. This is the condition of the market due to the government not being able to take strict action and punish the syndicates.
Vice President of the Consumers Association of Bangladesh (CAB) SM Najer Hossain said that the benefits of reducing duty tax should be ensured at the field level. Apart from this, concerted efforts are now needed to bring the price of products within the reach of consumers.
Analysts say the government needs to be active all the time to crack down on market syndicates as well as prevent abnormal profits by traders.
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