Inefficiency in market monitoring system spoils the curry

Effects of fuel price reduction yet to reflect in grocery prices

LAHORE:

Despite a significant drop in petroleum product prices, the anticipated trickle-down effect on essential commodity prices has been insignificant across the provincial capital.

The inefficiency in the price monitoring and control system has resulted in the failure to pass on the benefits of decreased petroleum tariffs to the consumers, contributing to concerns of profiteering and overcharging.

A survey of the city’s primary fruit and vegetable market, Badami Bagh, exposed total failure of the administration in ensuring that the official price list was adhered to. The same is the case at the wholesale level as well. In retail markets, most commodity prices remained stagnant, despite the adjustments in the official price list.

Also read: Minister urges strict price control measures

The survey indicated a nominal reduction in the prices of poultry meat, while other commodities such as sugar-free potatoes, onions, tomatoes, garlic, ginger and others experienced inconsistent price adjustments. However, these adjustments were not reflected uniformly in the market, with the consumers often paying higher prices than the official rates.

Despite the minor fluctuations in prices, certain commodities like lemon, ladyfinger and capsicum experienced notable price hikes, exacerbating the strain on consumers’ budgets.

Concerns have been raised about the lack of effective control measures and proper enforcement of price regulations, underscoring the need for a more robust and efficient monitoring system to ensure fair pricing of essential goods for consumers.

The survey showed that the official price of chicken was reduced by Rs17 per kilogram. The new price of chicken was fixed at Rs296 to Rs307 per kilogram while previously it was being sold at Rs330 to Rs370 per kilogram.

Published in The Express Tribune, October 23^rd, 2023.