Eid market distortions

The commodity prices have soared ahead of Eid calling for corrective measures. The essentials like vermicelli, soyabean oil, onion, red pepper, ginger, garlic and clove are selling at much higher prices than these had about this time last year. In some areas, even the price-level recorded during Eid-ul-Fitr in November last has been overshot. The high soyabean oil price is attributed to a rise in international price and low yield of crude oil in the USA. These led to a reduced import to Bangladesh.

The current stock in the country is estimated at around 4000 to 5000 tonnes. The usual stock position hitherto has been around 50,000 tonnes. The deficit, needless to say, is glaring in view of the Eid demand. There are other imported essential items. Therefore, we need to make a fresh appraisal of their stocks and make it public so that speculative trading can be stemmed. Currently, a land port strike is going on requiring to be sorted out urgently. As for the locally produced commodities, the supply-lines need to be flushed clean of the exploiting middlemen and socalled toll collectors. The wholesale and retail markets should have a high degree of coordination to be made possible by regular consultation between their associations or elected bodies.

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Whatever mechanism the government has to checkmate hoarding and speculative trading must work at its optimal level.

Eid-ul-Azha is one occasion distinctly marked by extortionist hyper-activity. It almost wholly revolves around the sacrificial animal market. As cattle-laden trucks set out from different parts of the country for the city markets, the traders are fleeced all over from road-junctions or ferry-ghats to the points of destinations. Cops, influential persons, thugs all have a finger on the pie. Resultantly, there is price mark-up impelling consumers to be at the losing end of the bargain. There is also the scramble for setting up markets or grabbing leases mostly by elements having or claiming ruling party connections.

Having regard to the potential for violence, it is good to see, the government has a law and order angle. Five mobile courts are at work at the city entry points to ensure safety of traders and home-bound holidayers. Beyond that, the government has decided to entrust combined BDR-Armed Police-Ansar squads with wider security responsibilities like it did during the Eid-ul-Fitr festival with some success. We welcome the steps, but would like to stress that the animal market is a different ball-game where maximum alert is called for.