When it comes to the issue of price cap, I honestly feel like there should be some level of regulation because, okay let’s be honest here, some business owners can take things way too far when it comes to fixing prices, so I get it that everyone wants to make a profit, but the profit should be just reasonable, not something that makes people feel like they are being ripped off.
I feel like when people start a business, their first thought should be to sell with the right mindset, not just to make quick money, It is not every time you look at your product and just say, Let me add ₦500 on top because others are selling higher, see that kind of thinking is what is spoiling things for many people trying to survive,
the truth is, a business is supposed to be about both sides, the seller making profit and the buyer feeling satisfied that they got something worth their money.
I remember sometime ago when I went to buy something at the market, the price I was told almost made me ask if the product was now made of gold, like seriously, the woman selling it just said, That is how everything has gone up, Meanwhile, when you go to another seller, the price is way lower, So, what exactly are we doing here? That is why I feel there should be a cap or a guide somehow on how high or low a product can be sold, if not, people will just fix prices based on their mood or greed.
That does not mean I’m saying business owners shouldn’t make money no not at all, far from it, but they should consider how they get the product before setting a price, If you buy something for ₦2,000, it is not by force to sell it for ₦6,000 because you want to “make gain.” see you can still make decent profit by selling at ₦2,500 or ₦3,000, you see that is still fair, both to you and to your customers.
Now, I understand there are situations where the market itself is unstable ,prices keep fluctuating and sometimes things you bought cheaper today can become expensive tomorrow, that is understandable, but still, I think that is where a little government or system regulation should come in, a price cap doesn’t have to mean that the government fixes the exact price, but at least there should be a range , something to prevent extreme inflation that can make life unbearable for people.
Some people argue that price caps can limit a business owner’s freedom, but I see it differently, If anything, it brings balance, It prevents exploitation and makes the market fair for everyone, when prices are not regulated, the rich get richer, and the poor are left stranded. Imagine if fuel, food, or basic commodities were sold however people liked , most of us won’t even be able to survive.
At the end of the day, business should be built on honesty and also fairness, I know things are hard, but that does not mean we should make it harder for others.
, just sell your products in a way that makes sense, make your gain, but don’t take advantage of others, because when you think about it, if everyone keeps increasing prices without any control, soon no body will even have enough to buy.
So yeah, for me, I believe price caps are very necessary, they bring sanity to the market, protect both the seller and the buyer, and remind us that business is not only about profit , it is also about people.
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