Traders who hiked edible oil price by Tk9 without govt approval will face action: Commerce adviser
Adviser Sk Bashir Uddin said the ministry will sit with traders soon, and if they fail to justify the hike, the new prices will not be approved.
Businessmen have raised the price of edible oil in the market without obtaining approval from the Ministry of Commerce, increasing the price of bottled soybean oil by Tk9 per litre — a move that will face action, Commerce Adviser Sk Bashir Uddin said today (3 December).
During visits to several markets in the city, five-litre bottles of soybean oil were found selling at Tk965, up from Tk922 just days ago.
Aseem Halder, a grocer at Uttar Badda kitchen market, said, "Companies have increased soybean oil prices by Tk9 per litre. What was Tk189 per litre is now Tk198. Loose soybean oil has also gone up by Tk5 per litre."
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Asked whether the ministry approved the hike, the adviser said traders raised prices without notifying the government.
"They did not discuss the matter with the ministry," he told reporters.
"Just a few days ago, through a tender, they offered us soybean oil at Tk20 less per litre than the existing market rate. We purchased 50 lakh litres of soybean oil. I don't know on what grounds they have now increased the price," he said.
The adviser said the ministry will sit with traders soon, and if they fail to justify the hike, the new prices will not be approved.
When asked how traders raised prices without government clearance, he added, "They tried to increase prices in October as well, but we didn't approve it — and the market didn't follow the hike either. We will sit with them again."
Regarding commodity prices ahead of Ramadan, the adviser said the prices will remain stable as necessary measures have already been taken, and mentioned that the prices of chickpeas, sugar and lentils have recently declined.
According to the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, companies sent a letter to the ministry on 10 November seeking approval to raise soybean oil prices.
On 24 November, they again recommended a price adjustment, but the ministry did not respond.
