Regulating the Market
The global commodity crisis is expected to intensify after the Russian invasion of Ukraine. The war has triggered the worst commodity crisis in both food and energy since 1973.
Members of the Ukrainian community take part in a demonstration against the Russian invasion in Ukraine in front of the Russian Embassy in Bogota, on March 5, 2022.
A crisis marks an uncontrollable situation followed by a great disturbance that leads to a situation of panic. The same thing has happened with the recent cooking oil crisis. Mitigation efforts through the issuance of six Trade Ministry policies have not even been able to make the commodity available at affordable prices. The regulations have not been able to establish balance between the market mechanism and the public interest.
Also read: