Punish dishonest poultry farms
It is encouraging to know that the Bangladesh Competition Commission (BCC) has filed cases against 10 poultry-related farms and organisations who, in collusion with each other, allegedly manipulated the egg market last month. As per primary findings, these companies increased the prices of their products by creating an artificial crisis and thereby destabilised the market. If they are found guilty under Section 15 of the Competition Act, 2012, they could be fined up to 10 percent of their three-year average turnover. All this is good news, and we hope the BCC will be able to bring these farms under some sort of accountability.
One may recall that, in August, the prices of a dozen (farmed brown) eggs shot up to Tk 180 from Tk 145 – an unprecedented hike. The TCB tells us that egg prices have increased 18.39 percent over a year. At a time when the high prices of other daily essentials were already putting many families into financial hardship, the sudden hike in egg prices came as a double blow for them. People who were mostly relying on this item as their daily source of protein had to cut down on consumption, or stopped buying it altogether. The prices only dropped after the Directorate of National Consumers Right Protection raided the markets to stop hoarders.
For all latest news, follow The Daily Star's Google News channel. But the market remains unstable. Although currently a dozen eggs are being sold at Tk 150 at the retail level – which is quite high compared to a year ago – errant traders may raise prices again in the absence of proper monitoring by the relevant authorities. That is why, it is essential to take action against the actors responsible for manipulating prices which will also deter future perpetrators.
The BCC, which operates under the commerce ministry, is empowered by the Competition Act to probe and punish errant companies for violating relevant rules. It can also dispose of cases without going to a court. Therefore, nothing should stop it from holding dishonest traders – those orchestrating the price hike crisis in case of eggs and other essentials – accountable, and bringing some much-needed order in the market. It should also expedite the proceedings of pending cases it had filed against the companies last year. In other words, the BCC has the absolute power in this regard, which it must enforce. The goal should be to ensure that consumers' interests are protected at all costs.
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