Dhaka, June 8 -- Rubel, a seasonal trader from Dhaka's Konapara who goes by a single name, purchased 240 sacrificial cowhides this Eid-ul-Azha, encouraged by the government's announcement of increased prices.

But by Saturday night, his optimism had turned to dismay.

Speaking to bdnews24.com at Posta around 8pm, Rubel said wholesalers were offering just Tk 650-700 for hides that fetched Tk 800-900 last year.

"It feels like we've been trapped by a syndicate," he said.

By 11:30pm, Rubel reported that he had managed to sell the fresh hides from large cows for Tk 700 each. Skins with minor defects or from sick animals sold for as low as Tk 140.

"I estimate a loss of Tk 70,000 to Tk 80,000 after factoring in transport and labour. I haven't...