By David Onwuchekwa
Over a period of time now, prices of goods and services keep rising in Anambra State and elsewhere, of course, despite a significant reduction in the pump price of fuel from N1,500 to N1,040 and even below currently.
The masses especially the low-income earners have continued to wallow in agony over the excruciating economic hardship in the land.
Before now when the pump price of the premium motor spirit was between N1,400 and N1,500, transporters including Okada riders (commercial motorcyclists) blamed their high fares and charges on the high cost of fuel.
In the same vein, all categories of traders and service providers also blamed the high cost of their goods and services on the high cost fuel.
Today, there is a remarkable reduction in the price of fuel but unfortunately there is no commensurate reduction in the prices of goods and services.
This is worrisome indeed, as consumers go on suffocating on a daily basis as a result of the unabated economic hardship sweeping across the land.
To combat rising prices despite the drop in petrol prices, the government can consider setting a maximum price for essential goods and services, ensuring that businesses do not charge exorbitant prices or cross the seal.
Government can establish a price monitoring system to track prices of essential goods and services, identifying areas where prices are rising unfairly.
There is need to enact laws that prohibit businesses from taking undue advantage of consumers by charging excessively high prices. This will be made possible when government has taken measures to control the supply channels.
Welfare of the people must be paramount to government of the day. To this end, government should provide subsidies to businesses that produce essential goods and services, helping them to reduce their costs and keep prices low.
The Federal Government in this connection should also come in and see that tariffs on imported goods are reduced or even eliminated to increase competition and reduce prices.
Education of consumers about their rights and the prices they should expect to pay, empowering them to make informed purchasing decisions is also highly recommended.
All these will be possible with regulatory bodies in place to oversee specific industries, ensuring that businesses operate fairly and prices remain reasonable.
With all these price control measures, the government can help stabilize prices, protect consumers, and promote economic growth.
