Holy Ramadan and Eid Market Syndicates Must Be Dismantled

Even before the arrival of Ramadan, a kind of invisible heat begins to build in Bangladesh’s markets. Before the moon is sighted, the prices of rice, lentils, edible oil, sugar, dates, chickpeas, beef, goat meat—almost all essential commodities—start rising abnormally. This upward trend continues until Eid. After Eid, some relief returns, as if this surge in prices was temporary, festival-centered, and planned. The question is—why does the same scenario unfold every year? Why does Ramadan, a month of self-restraint and solidarity, turn into a season of excessive profit-making?

To find the answer, we must look toward a widely discussed yet invisible force called the “market syndicate.” For a long time, there have been allegations that certain importers, wholesalers, and large stockists collectively control supply to increase prices. Even before demand rises, artificial shortages are created, stockpiling increases, rumors are spread—creating panic in the market, and retail prices rise rapidly.

Ramadan is a month of self-purification, compassion, and sacrifice for Muslims. The Holy Qur’an emphasizes mercy, justice, and moderation. Yet in reality, as soon as Ramadan approaches, abnormal price hikes begin in the market. In contrast, in many Muslim-majority countries—such as Saudi Arabia, the United Arab Emirates, and Turkey—large supermarkets and businesses announce discounts during Ramadan. Governments also maintain strict market monitoring because they understand that people’s expenses increase during this month. As a matter of social responsibility, they offer price reductions.

In Bangladesh, the picture is quite the opposite. Here, Ramadan means “demand will increase”—and using this logic, preemptive price hikes have become routine. However, basic economic principles state that if supply remains steady and competition exists in the market, even increased demand should not lead to abnormal price hikes. So why does Bangladesh experience regular price surges?

In Bangladesh’s market structure, the import and wholesale distribution of many goods are concentrated in the hands of a few large firms. When a handful of actors reduce supply or spread messages of shortage, retailers are forced to purchase goods at higher prices out of fear. Ultimately, that increased cost is passed on to consumers.

The date market is a familiar example. Even when international prices remain stable before Ramadan, domestic import-level prices rise, followed by further increases at the wholesale and retail stages. The same pattern is seen with edible oil, sugar, and lentils. Whenever rumors spread—“fewer goods will arrive,” “dollar shortage,” “port congestion”—prices begin to climb.

Profiteering by exploiting people’s hardship during Ramadan is not only economic injustice but also moral degradation. Islamic teachings strongly discourage hoarding and creating artificial scarcity to increase prices. The Prophet (peace be upon him) said that anyone who hoards food and causes hardship for people is sinful. Therefore, creating artificial shortages during Ramadan to gain excessive profit is also a serious religious offense.

There is also a social contradiction here. During Ramadan, we organize iftar gatherings, increase charity, and help the poor. But if at the same time artificial price hikes increase the suffering of ordinary people, then the moral integrity of such charity becomes questionable.

Another important point is that blaming syndicates alone does not provide the full picture. Consumer behavior sometimes accelerates price hikes. Upon hearing rumors, people often buy more than they need and begin stockpiling. As a result, demand suddenly increases, creating temporary shortages in the market. Unscrupulous traders then take advantage of the situation and raise prices.

Therefore, the solution is not only administrative; socially, we must also act responsibly. Informed consumers, transparent market systems, and strong regulation—these three elements must work together.

On Tuesday, a new government is set to take oath. The first responsibility of a democratic government is to ensure the basic needs of its people. Controlling commodity prices and dismantling market syndicates should be the most urgent task at this moment.

The government must take several immediate steps—impose swift fines and cancel licenses where hoarding and artificial shortages are proven; break monopolistic control in import and supply by creating opportunities for new businesses; sell goods at fair prices to create competitive pressure in the market; monitor the supply chain from import to retail; and ensure rapid information disclosure and transparent communication about market conditions.

Many countries form special task forces during Ramadan. Bangladesh could also establish a permanent “Ramadan Market Monitoring Cell” that works year-round but becomes especially active before Ramadan.

Short-term drives may bring temporary relief, but lasting solutions require structural reforms in the market system. The supply chain from farmers to consumers must be shortened, middlemen reduced, and modern warehouses and cold storage facilities expanded. At the same time, the Competition Commission must be made effective so that swift action can be taken whenever evidence of cartels or syndicates is found.

Bangladesh is an emerging economy. In the global arena, our image depends not only on GDP growth but also on market transparency and fairness. If every year international media report price hikes during Ramadan, it raises questions about governance. Ramadan is a month of solidarity. If during this month both the state and the business community jointly announce price reductions, it would not only bring economic relief but also send a positive message internationally.

Holy Ramadan and Eid are not only religious festivals for us but also tests of social solidarity. If market syndicates continue their dominance during this period, it calls into question the moral position of the state.

Therefore, we urge the new government—let the first action after taking oath be visible steps toward controlling commodity prices. Dismantle the market syndicates. Protect the interests of the people. Establish Ramadan not as a season of profit, but as a month of restraint and compassion.

Because the identity of a just state lies not only in its elections, but also in the fairness of its markets. Ramadan calls us toward self-purification; therefore, now is the time for the purification of both the state and the market system.