Importers and marketing companies have quietly increased the retail price of soybean oil without any public announcement. This time, the price has jumped by Tk 9 per liter, putting consumers in trouble. Consumer-rights activists say that increasing prices in such a covert and strategic way without prior notice is extremely unfair. They urge the relevant government authorities to investigate the matter.
In this regard, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association and government officials have given conflicting statements. Companies claim that the price of oil is increasing in the global market, and therefore they raised the price after informing the government. However, the Ministry of Commerce says that although businesses applied for a price increase, no approval was granted.
Roni Talukder, a private-sector employee who was returning home yesterday after buying a five-liter bottle of Fresh soybean oil from Mohammadpur Krishi Market, told Media that new higher-priced oil has entered the market. After checking several shops, he purchased the oil from a known shopkeeper at the old price of Tk 920. The price printed on the bottle was Tk 922. In that market, several shops were seen selling the new Tk 965 bottles.
Md. Nayeem, owner of Abdur Rob Store in Karwan Bazar, told Media that the companies had informed them a week earlier that new-priced oil would soon arrive. For the past two days, they have been supplying oil at the increased price.
According to the Bangladesh Trade and Tariff Commission, companies sent a letter on November 10 requesting an increase in edible oil prices, stating that the new rates would take effect from November 24. The association set the price of bottled soybean oil at Tk 199 per liter and Tk 985 for a five-liter bottle. In addition, the price per liter of loose soybean oil was set at Tk 179 and palm oil at Tk 169.
However, sources in the Ministry of Commerce said that until yesterday, the government had not approved any price increase. Companies argue that even without approval, the price was raised in accordance with the law.
Under the Control of Essential Commodities Act (1956), the Ministry of Commerce issued an order in 2011 known as the Essential Commodities Marketing and Distributor Appointment Order. It states that producers, refiners, or importers may reduce, increase, or adjust the price of essential commodities through their respective business associations, but they must notify the monitoring cell, district commissioner, and upazila executive officer at least 15 days in advance. Businesses say they raised oil prices according to this order.
Commerce Secretary Mahbubur Rahman told Media that he was not aware of whether prices had been increased. He acknowledged that businesses had submitted a letter seeking a price adjustment a few days earlier, but no final decision had been made. He said the matter of raising prices without approval would be investigated on Wednesday.
In October as well, companies raised edible oil prices without government approval. At that time, the commerce adviser stated clearly that such unilateral price hikes were not permitted, after which the businesses withdrew the increased prices.
