Retailers are buying hilsa from wholesale markets at Tk1,450 per kg and selling it for Tk2,200, making a profit of Tk750 per kg, the consumer rights body disclosed today (25 September) after conducting special drives at Karwan Bazar and Jatrabari fish markets. Retailers are selling hilsa at up to Tk750 higher prices than they buy their purchase price, raking in a huge amount of profit and pushing the fish out of the affordability for most people, a recent investigation by the Directorate of National Consumer Rights Protection has found.
Retailers are buying hilsa from wholesale markets at Tk1,450 per kilogram and selling it for Tk2,200, making a profit of Tk750 per kilogram, the consumer rights body disclosed today (25 September) after conducting special drives at Karwan Bazar and Jatrabari fish markets.
The rights directorate identified the excessive profit margins of retailers as a major factor behind the rising prices of hilsa.
“The current retail price of hilsa is unjustifiable. Retailers are not issuing receipts, which gives them the opportunity to inflate prices,” said Md Abdul Jabbar Mondol, assistant director of the consumer rights directorate’s Dhaka Office.
Mondol, who led the drive at Karwan Bazar, said they are manipulating the weight to deceive consumers.”
During the operation at Karwan Bazar, officials found that wholesalers were not maintaining proper purchase records or issuing cash memos for hilsa transactions.
Taking advantage of this, retailers were selling hilsa at a significantly marked-up price. As a result, five wholesalers were fined Tk42,000 for not providing proper documentation. They were instructed to ensure cash memos were issued and maintained for all future transactions.
According to consumer rights directorate officials, traders revealed that hilsa price was hiked by Tk300 per kg following media reports about 3,000 tonnes of hilsa being exported to India.
Moreover, with the upcoming Durga Puja and the 22-day ban on hilsa fishing starting next month, many traders have begun stockpiling, further contributing to the price surge.
At the Jatrabari market, hilsa from Monpura, Bhola, Mohipal, Feni, Chandpur, and Patharghata were being sold by over 200 traders.
Wholesale prices were recorded at 1.5kg-size hilsa are being sold at Tk1,800 per kg, 1kg-size hilsa are being sold at Tk1,600 per kg, and 800gm-size hilsa are being sold at Tk1,450-1,470 for 800 gm-sized fish, and 500gm-size hilsa are being sold at Tk900 per kg.
In the retail markets, these fish were being sold at prices Tk300 to Tk700 higher, depending on size.
