Director-General of the Directorate of National Consumer Rights Protection (DNCRP) AHM Safiquzzaman announced a series of raids on green-coconut traders from today (Tuesday).
The move comes in response to the puzzling and sudden surge in green coconut prices, a trend devoid of a logical explanation.
At a meeting with coconut traders on Monday, Safiquzzaman said that the price of the tropical fruit has skyrocketed to Tk 200 per piece, a stark contrast to the wholesale rate of Tk 70 at Dhaka's renowned Karwanbazar.
Pointing the finger at potential price manipulation, he commented that Bangladeshi traders had invented the "dengue dub" (coconuts for dengue patients) - making a quick buck exploiting the situation.
In response to the accusations, traders present at the meeting argued that the surge in demand was directly linked to the outbreak of the deadly mosquito-borne disease, dengue fever.
They claimed that the supply of green coconuts remained scarce, compounded by a significant increase in transportation costs compared to the previous year.
DNCRP also accused traders of neglecting to maintain price records for green coconuts.
Safiquzzaman said that the upcoming market inspection would include a thorough assessment of trade licences held by wholesalers, as well as an evaluation of pricing structures at various stages of distribution.
Green coconuts are considered essential for replenishing fluids in dengue patients, prompting their relatives to flock to roadside vendors.
This heightened demand, triggered by the dengue outbreak, has provided traders with an opportunity to inflate prices well beyond their normal rates.
DNCRP held the meeting in response to reports of green coconut prices soaring to an unprecedented range of Tk 150-200 per piece in Dhaka and metropolises.
"We have instructed our officials to continue checking the prices until they become stable," said Shafiquzzaman.
On August 24, the wholesale price of coconuts in the capital ranged from Tk 40 to Tk 70, indicating that premium coconuts should not exceed a retail price of Tk 100, he explained.
"Commencing Tuesday, coconut traders must meticulously maintain records of their purchases and sales. Failure to produce receipts will result in penalties and fines," he affirmed.
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