Monday, 6 December, 2021

Classic case of unethical business

Cashing on in any matter not directly and indirectly related to the price hike of commodities is a common phenomenon among a large section of the so-called businessmen. The regular price hike ahead of two Eid festivals and other occasions are proofs of their unethical business. Yes, we are talking about the onion price. Profit mongering has become a cause of concern as it affects the lifestyle of people, especially of low and fixed income groups.

Now the unusual hike of onion has reached beyond the threshold of our tolerance and is completely unacceptable

 Though the kitchen item is entering Bangladesh from countries other than India due its ban to overcome its shortages, local businessmen hiked the prices to almost the double of what was on the previous day. As reported, retailers sold each kg of onions for up to Tk 110 at kitchen markets in the capital on Monday which was Tk 80 the previous day.

As per authentic data, the country has 300,000 tonnes of onion in stock.  This is enough to meet the need for long 55 days. By this time, we will receive many consignments of onions from abroad. Thus, there is no chance of shortage of the bulb in the country at present and in near future.

Surely, traders have hiked onion prices exponentially within a day, capitalising on the export ban in India which has little to do with the baffling price jump. Allegations are rife that despite having sufficient stocks of onion in the country, artificial scarcity has been created at the wholesale level.

We are witnessing the sharp hike in prices even though deceitful businessmen built their stocks at cheaper rates. Retailers and customers have alleged that the importers and wholesalers increased the price through syndication to profit. There is no denying that it is the same old story of hoarding.

Unfortunately, unethical traders often extract stupendous profits at the cost of millions of consumers but, in most cases, devious machinations of the unprincipled businessmen go unpunished. The time has come to bring them to justice in line with the Prime Ministers’ crack-down on making wealth illegally.