It is narrated from Sayyiduna Abu Huraira (may Allah be pleased with him) that a man said: O Messenger of Allah! Fix the prices. The Prophet (peace and blessings be upon him) said: It is only Allah Almighty who raises and lowers the prices. I hope to meet Allah Almighty in such a state that I have not wronged anyone. When another person also said the same thing, asking you to fix the prices, the Prophet (peace and blessings be upon him) said: Call upon Allah Almighty (and pray to Him).
Hadith Takhrij«اسناده صحيح۔ أخرجه ابوداود: 3450، وابويعلي: 6512، والطبراني في ’’الاوسط‘‘: 429 ، (انظر مسند أحمد ترقيم الرسالة: 8852 ترقیم بيت الأفكار الدولية: 8839»
Brief Explanation
Benefits: … The manner of price-fixing is that the Sultan, his deputy, or any authority binds the sellers in the marketplace through orders that they must not sell goods above a certain price, and, for expediency, halts the fluctuation and variation of prices. This results, firstly, in loss to the traders, and secondly, they withhold goods, thereby depriving the public of necessities of life. The fundamental reason is that the owner of any item has the right to sell it at a low price or at a high price; no one else can compel him otherwise. However, it is certainly appropriate to encourage such traders to make things easy for people, as has been encouraged in Hadith number (6048) and the ahadith that follow it.