In a recent move to curb market manipulation during the ongoing Russia-Ukraine war, the Bangladesh Competition Commission (BCC) has imposed fines on Kazi Farm and Saguna Foods Pvt Ltd. The fines were levied on Tuesday, with Kazi Farm receiving a BDT50 million penalty and Saguna Foods a BDT34.4 million (USD1 = BDT109.790) fine. These penalties were enforced in response to these companies' undue influence on the chicken market back in August 2022.
In addition to these penalties, the BCC has also lodged complaints against ten firms in August 2023 for manipulating egg prices. Among the accused are Poultry Professionals Bangladesh, Paragon Poultry Ltd, Diamond Egg, and Peoples Poultry and Hatchery. These allegations of price manipulation have emerged amidst import delays that have resulted in local market volatility and a surge in egg prices.
Furthermore, companies such as Rashid Agro Food Industry Ltd and Unilever (LON:ULVR) Bangladesh Ltd have faced legal action for hiking the prices of essential commodities. These actions by the BCC aim to deter unfair practices and maintain market stability during a time of global conflict.
According to the Food and Agriculture Organization (FAO), the annual per-capita egg consumption in Bangladesh is 136 pieces. This statistic underscores the significance of these manipulations on the daily lives of Bangladeshi consumers, given the centrality of eggs in their diet.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.