Marketers And Price Increment; A Call To Reason -By Khadija Saleh Ahmad

Prices of commodities are suppose to be witnessing a slight if not significant changes in prices owing to the fact that their is reduction in the price of premium motor sprit petrol and diesel, we general populace are very keen to feel the development.

the face of economic challenges and the rising cost of living, there is an urgent need for wholesale distributors to take proactive measures in reducing the prices of commodities across the country.

Another bottleneck is the foreign exchange rates, Bureau De Change (BDC) operators were now buying dollars at N980/$ at the open market and selling at N1,020/$.

This clearly shows that the naira has appreciated faster than expected against the United States Dollar.

It’s the first time in the last 15 years that the exchange rate for the dollar in the parallel market is less than that at the official window. This is yet another development because Marketers when ever their is depreciation on the naira are suddenly increasing the prices of the commodities.

The bunch of  burden of inflated prices is  falls heavily on masses, impacting their purchasing power, and hindering their ability to accord essential goods for their well-being as a citizenry. This call for wholesale and  marketers price reduction is not only a matter of economic necessity but also a moral imperative to ensure the sustainability of the populace.

At the peak  of this development lies the economic inequality that widens the gap between the affluent and the marginalized. High wholesale prices trickle down to retail markets, ultimately burdening everyday consumers who struggle to provide food on his table. Families are forced to allocate larger portions of their income to only food leaving little room for savings or discretionary spending. 

This economic strain perpetuates a cycle of vulnerable and exacerbates poverty.

Nevertheless, the repercussions extend beyond individual households to impact  but macro micro economy. Reduced purchasing power dampens consumer spending, which in turn stifles economic growth. Small businesses, reliant on consumer demand, suffer as sales dwindle, leading to potential layoffs and closures. Thus, addressing the issue of high wholesale prices is not only crucial for the welfare of individuals but also for the overall health of the economy.

Wholesale distributors play a pivotal role in determining the affordability of goods nationwide. By lowering wholesale prices, these entities can alleviate financial burdens on consumers and stimulate economic activity. Such a move demonstrates corporate social responsibility and fosters goodwill within the community. It also contributes to long-term sustainability by promoting consumer loyalty and trust in the brand.

Therefore, the urgent calls for Marketers  for  price reduction requires a multifaceted approach that considers various factors. While  profit maximization are primary motive for businesses to thrive, they should not come at the expense of  poor and vulnerable people in the society. Wholesale distributors must recalibrate their pricing strategies to strike a balance between profitability and affordability. This may involve renegotiating contracts with suppliers, streamlining operational costs, or exploring alternative distribution channels.

Moreover, government agencies  such as consumer protection agency, the public complaint commission and the federal competition and consumer protection commission to mention but a few that are saddles with the responsibility for intervention and regulatory measures can complement efforts to reduce  increase in price of commodities in Nigeria that thrive day – in – day-out in the country 

Policies that promote fair competition, combat monopolistic practices, and incentive price transparency can create a conducive environment for price adjustments. Additionally, tax incentives or subsidies may encourage wholesalers to pass on cost savings to consumers without compromising their bottom line.

Conclusively, the urgent call for  price reduction resonates as a moral imperative and economic necessity. It represents a collective effort to alleviate the burden of inflated prices on consumers, stimulate economic activity, and promote social equity. Wholesale distributors hold the key to effecting change and must rise to the occasion by embracing responsible pricing practices. Only through concerted action can we pave the way for a more prosperous and inclusive future for all.

Khadija Saleh Ahmad from the department of mass communication, Abubakar Tatari Ali polytechnic Bauchi. Khadijasalehahmad70@gmail.com.