In a bold statement, Commerce Adviser Sk Bashir Uddin has vowed to take action against traders who have unilaterally increased edible oil prices by a significant Tk9 per litre, without seeking government approval. This move has sparked concern and raised questions about the market's stability.
But here's the catch: these price hikes have already been implemented in the market, leaving consumers with no choice but to pay more. During recent market visits, soybean oil bottles were spotted selling at Tk965 for five litres, a noticeable jump from the previous Tk922. Local grocer Aseem Halder confirmed the increase, stating that companies have raised prices without any official green light.
And this is where it gets controversial: the adviser revealed that the ministry had recently purchased a substantial 50 lakh litres of soybean oil at a discounted rate, thanks to a tender offer. But now, companies are hiking prices, leaving the government in a tricky situation. The adviser questioned the grounds for this sudden increase, especially without prior discussion with the ministry.
The ministry plans to meet with traders soon, and if they cannot provide valid reasons for the price hike, the new prices will not be accepted. This isn't the first time traders have attempted to raise prices; a similar move in October was also rejected by the government and the market.
As Ramadan approaches, the adviser assured that commodity prices will remain stable, with chickpeas, sugar, and lentils already showing a downward trend. However, the oil price hike has caused a stir, and the ministry's response will be closely watched.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association claims that companies sought approval for the price increase in November, but the ministry's silence on the matter has added to the controversy.
So, what's your take? Is this a fair move by the traders, or should they have waited for government approval? Will the ministry's actions ensure market stability, or is there more to this story?
