KARACHI: Jodia Exchange, the country’s oldest and most significant wholesale market of necessary items, stayed shut on Thursday as traders protested against the choice of Added Commissioner (Air Conditioner) Karachi to offer commodities at three-year old rates.
The Air Conditioning better imposed heavy penalties on investors for offering products at higher prices which caused a solid demonstration by wholesalers.
Talking with Dawn, Chairman Karachi Wholesalers Grocers Organization (KWGA), Abdul Rauf Muhammad Ebrahim stated Jodia Fair, a center of wholesale market making up over 500 stores, would continue to be closed on Friday as a result of the lockdown. KWGA will select the future course of action in the coming days, he claimed, while including that the organization has not gotten any kind of message for settlements with the rate regulator.
Prior To Ramazan, KWGA had held four to five conferences for cost fixing with price repairing with AC Karachi Asad Ali yet the rates could not be settled, said Mr Ebrahim.
“Therefore, traders had been compelled to offer products at 2018 prices which is unjustified keeping in view the prevailing high rates therefore world costs and currency exchange rate parity in the last 3 years. The Commissioner Workplace had likewise not released catalog from 2019 to 2021 and now investors are being asked to sell cooking area things at 2018 prices,” he said.
“Just how can we offer sugar at a three-year wholesale price of Rs60 per kg as compared to the existing price of Rs94 per kg,” the KWGA principal stated. He took place to add that rates of pulses have actually nearly increased in the last three years. Rice, wheat and also flour wholesale rates have additionally increased significantly.
Investors were fined Rs10,000-20,000 for ‘overcharging’ in the lack of any kind of official price list for the year 2021, Mr Ebrahim lamented.