When it comes to price caps in businesses, we can freely push every work on the government. You will be hearing words like "the government should do this or that." Yes, the government has a role to play in price regulations, but hold on, citizens take advantage of every single opportunity to inflate prices for their advantages.
Once there is a high demand on a product, possibly one without many competitors in the market, these people will inflate prices like no man's business, causing pain to their fellow humans. It's unfair; it's cheating!
Recently I have been seeing the drama going on in Facebook over this subject matter, and it's obvious that most times, we are our own problems.
I understand that not every product can be regulated regarding its price cap. I also understand that the main purpose of every business man or woman is to make a profit; otherwise, we can't call it a business. However, it will be fair enough to regulate most of our products in the market. Let me give you a simple example. Last month, I bought this product below at #5,000 in a store.
Just within a space of three days, I went to another store and saw the price cap at #3,500. Sincerely, I felt cheated losing #1,500 in a single product, and they are the same thing, no difference, same brand and everything. I was angry, I won't lie. I had to query the seller next time I went there, and she said everyone sells at their choice prices, and so it's my luck. Wow, it was really my bad luck, but you can see how I felt cheated over this small transaction, right?
Talk about rent in Lagos nowadays—it's terrible. I am no longer renting again, thank God, but I see how landlords frustrate their tenants over crazy rent increments. A friend told me a story about her landlord, and I felt like strangling the landlord, lol. Like, how can you wake up to an additional #500,000 on top of their original bill, and when they plead, you tell them to pack out so you can have new tenants with fresh agent fees, caution fees, legal fees, and other irrelevant fees? That's not only unfair but also wickedness and exploitation from your fellow humans.
Honestly, price regulations can go a long way in curbing some unnecessary inflation we suffer today. Look at petrol and how the government tries to regulate it; its price affects every other thing like transport, food, etc., but at least the regulation gives us room to plan ourselves better on expenditure and without feeling cheated in some cases. I am not saying that I love this current price of petrol, but whatever, price regulations keep things in check.
On the other hand, price regulations may not really favor some entrepreneurs. Take for instance, if a tailor is forced to sew a lace gown at $10, and maybe the materials she needs to buy for the design cost her $7 without considering shop rent and paying her workers, she will be at a loss, you know. The same with maybe a baker selling loaves of bread with #1,000 price regulations; she might also be at a loss when she calculates all her expenditures.
So I feel certain product prices must be regulated, while those that can't be regulated must be closely monitored to keep things fair enough for the good of our economy and the consumers at large. I think I love the idea that the price of sachet water is regulated; wherever you buy from, you pay the same price, while marketers know their onions on how to get more customers in a competitive business like that. I don't like being cheated, to be sincere.
I am a business owner, and I believe I should make profits but not at the expense of people’s survival. Well, Balance is the key.
Image 2 is mine, others were taken from canva