Gas crisis and alarming signs in daily commodities market: Urgent action to resolve the crisis
By Shirina Akter
The gas crisis and the suffocating situation that has arisen in the daily commodities market is not an isolated economic incident; rather, it is a major blow to the overall public life. On the one hand, there is a severe shortage of gas from residential areas to industrial factories, and on the other hand, the prices of daily necessities including rice, pulses, oil and vegetables are on fire. The combined pressure of these two is making the common and middle class people of the country gasping for breath. Such a situation is very risky for an emerging economy. If effective and strong steps are not taken now, the struggle for survival of the common people will become even more difficult in the coming days.
One of the main driving forces of the country's economic progress is the factory and industrial sector. Especially the ready-made garment industry, textile, ceramic, re-rolling mill and other large production-oriented factories are largely dependent on uninterrupted energy supply. But in the past few days, gas pressure in major industrial areas of the country has dropped to almost zero. In many places, gas is not available for even a few hours a day. As a result, a large part of the production capacity of factories remains unused. The decrease in production is having a direct impact on the finished products, on the one hand, factory owners are having to count losses, while on the other hand, production costs are increasing sharply. If export orders cannot be delivered on time, foreign exchange earnings will decrease, which will directly hit the country's foreign exchange reserves. And disruption of industrial production means narrowing of employment opportunities and the threat of new job losses.
Outside the industrial sector, the picture of cooking in homes has also become extremely miserable. From morning to evening or midnight, there is no specific time when gas pressure is normal. In many places, gas disappears before daylight and returns late at night. As a result, ordinary families are forced to use LPG cylinders, kerosene or electric stoves as alternatives. But bearing the cost of these alternative fuels is an additional burden for low-income and fixed-income people. The extra money that has to be spent every month to refill LPG completely turns the monthly budget of low-income families upside down. Apart from this, many families are forced to cook by burning wood or coal, which is not having a positive impact on the environment as well as health.
Just as this darkness of gas crisis is surrounding the surroundings, another terrible fire has started in the daily commodities market. The prices of rice, pulses, edible oil, sugar, onions, green chillies and every vegetable are now beyond the reach of the common man. The value of money seems to decrease in an instant when you go to the market. You have to go to the market with a 1000 taka note and buy a few essential items and face extreme disappointment. The price of fish, meat and eggs, which are necessary for meeting the nutritional needs, has almost disappeared from the daily diet of the common family. Even when you go to buy vegetables, your pocket is now under extra strain. A large part of the income is spent just on providing two meals a day, forcing families to cut back on health, education, medical care and other basic needs.
The impact of the international market or the lack of a supply system is not the only reason behind this abnormally high price in the daily necessities market. The main problem lies in the shortcomings of our internal market management. The exclusive control of syndicates or unscrupulous traders, increasing prices by creating artificial crises, and various undisclosed malpractices such as extortion are destabilizing the market. Due to the tendency of middlemen to make excessive profits, producers or farmers do not get the right price for their products, and consumers are also forced to buy them at extremely high prices. Although the Department of Consumer Rights Protection has launched campaigns or formed various monitoring committees, no far-reaching impact is seen at the field level. The monitoring system is often limited to formalities, which are taken advantage of by profit-seeking groups.
The most alarming thing is that the energy crisis and the instability of the commodity market are strongly affecting each other. The gas and electricity crisis are increasing the cost of transportation and production. From irrigation in agriculture to food processing and transportation of goods from one place to another, the increase in fuel prices is having a major impact. As a result, transportation costs have increased dramatically, the ultimate responsibility of which is placed on the shoulders of the common consumer. When the price or shortage of fuel increases, it affects every retail store. This cyclical economic pressure is severely lowering the standard of living of the people.
The country's lower and lower-middle classes are going through the most hardship. Those who are economically dependent on fixed-wage jobs or daily wages, their income has remained stable, but the cost of living has increased manifold. Many are now empty-handed as their savings are being depleted. Many are spending their days somehow by taking small loans or cutting out essential nutritious foods from their daily food list. There are many families in the society who used to live just above the poverty line, but due to the current inflation and cost of living pressures, they are at extreme risk of falling below the poverty line again. This increase in social inequality is not a good sign for a developing country.
The government must take quick, realistic and drastic steps to overcome the current three-pronged crisis. It is necessary to urgently make short and long-term plans to maintain normal energy supply. In addition to emphasizing local gas exploration and extraction, imported LNG supply It is necessary to ensure that the supply of gas is uninterrupted. It is important to ensure that the industrial sectors from which foreign exchange is earned and a large number of jobs depend on it, maintain gas supply on a priority basis. At the same time, initiatives need to be taken to ensure the supply of LPG at a fixed price as an alternative to the gas crisis in homes.
Market supervision cannot be limited to paper or temporary operations to remove the hands of syndicates from the daily commodities market. Strict legal steps must be taken to reduce the price difference between the wholesale and retail markets to a reasonable level. Extortion and unnecessary harassment must be stopped on the way from the place of production to the market. It is necessary to ensure adequate stocks of food grains and, if necessary, arrange for rapid import from alternative sources, so that no unscrupulous group gets the opportunity to create an artificial crisis. The scope of supply of daily necessities at low prices through TCB or Trading Corporation of Bangladesh should be increased manifold, so that not only low-income families but also the struggling lower-middle class people can benefit from it.
The main condition for sustainable development of a country is the social and economic security of the people. When citizens struggle to meet their minimum basic needs and have to worry about basic things like food and fuel every day, then all kinds of infrastructural development pales in comparison. To keep the wheels of economic progress moving and avoid social chaos, resolving the gas and market crisis is no longer a simple administrative task, it has become a national emergency. The only hope of the common people is that the government and policymakers will realize the seriousness of the reality and take immediate effective steps. Considering the severity of the situation, it is clear that the gas crisis and the abnormal increase in the prices of daily necessities are not just a temporary problem, but have taken on a deep form that can shake the foundation of the country's economy. When meeting the daily basic needs of ordinary working people becomes a mountain-like challenge, overall development is bound to come to a standstill.
To get rid of this situation, clear-sighted policymaking and its rapid implementation are needed. In addition to implementing long-term master plans to ensure energy security, gas supply to the industrial and domestic sectors must be kept operational on a short-term priority basis. At the same time, it is important to crush the evil hands of market syndicates and restore strict monitoring and supply chain. The government, policymakers and law enforcement agencies must work together to ensure transparency and accountability at every level. There is no alternative to taking all-out steps now to maintain the momentum of the economy and prevent the backs of the working and middle-class people from hitting the wall. If effective measures are delayed, this crisis will take on a more complex shape, the impact of which will put the country's overall stability and sustainable progress under extreme threat.
The writer is branch Manager ( NLI COM)
