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Syndicate hiked cattle prices before Eid

Published : Wednesday, 5 August, 2020 at 12:00 AM  Count : 178

Prices of sacrificial animals a day before Eid ul Azha skyrocketed at the eleventh hours as a syndicate manipulated the prices and created shortage of animals.
Supply of sacrificial animals in the capital's cattle markets suddenly dropped a day before Eid, leading to a soaring price amid high demand for cattle.
Amid the coronavirus pandemic in the country, customers were in two minds whether they would buy cattle from markets or not due to concern of the health related issues.
On Friday, suddenly a large number of customers in the city began to move from one cattle market to another after failing to reach negotiation with sellers. But some of them ended up buying animals for exorbitant prices.
Abdul Zabbar, a government official, who was not decided whether to buy sacrificial animal or not. But at the last moment, he went to cattle markets at Nayabazar but couldn't buy the animal as the price was very high.
After that he went to the biggest cattle markets at Gabtoli. He saw that 70 percent of the temporary shades were empty.  He bought a cow for Tk1, 0, 5000 on Friday that might have      sold the previous day for between Tk70000 and 80000.
A strong syndicate played a role from behind the screen and created artificial shortage of animals to hike the prices of sacrificial animals, said a source involved in cattle trade.
Due to the shortage of animals, customers had to buy animals even on the Eid day.
Customers had to pay at least Tk20000-30000 more for a cow on an average on Friday and Eid day.  
With a fewer number of customers visiting the markets, some cattle sellers had to sell the animals at a lower price since taking unsold cattle back homes involved some more expenses.

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