Oil refining and marketers have said that action will be taken against the dealers behind the edible oil crisis. The Bangladesh Vegetable Oil Refiners and Forestry Manufacturers Association made the remarks today on the ongoing crisis.
The Commerce Minister met with businessmen, millers, and officials of various government offices at the secretariat on Monday in the soybean oil crisis in the market. After the meeting, he said, “I requested the traders not to raise the price. But they have raised prices. Believing them was my failure.”
A day after a meeting with the Commerce Minister, the business organization concerned with oil refining and marketing was announced today to find the dealers involved in the business. In a press release, they said that if the dealers were involved, the investigation would be taken against them.
The Commerce Minister also blamed the dealers for the edible oil crisis. He said yesterday, “We have found out why the soybean oil crisis was created in the market. No one in this big group has done this. Dealers and retailers did this. We have ordered to take action against those who have done so. I told the owners to cancel the dealership.”
In the global market, the price of edible oil increased in February and March several times, the traders proposed to increase the price to the Ministry of Commerce several times. However, the government did not agree to raise prices.
At that time, 20 percent VAT was withdrawn at the production and business levels. Besides, the price of the market is assured of the market review even if the price does not increase during the month of Ramadan.
But earlier this month, soybean oil disappeared from the retail market before Eid. After the negotiations with the Ministry of Commerce, the mill owners increased the price of oil by 40 takas per liter and fixed it at 198 takas.
Meanwhile, the supply of soybean oil in the market was not normal even on the fifth day of the new price. Bottled soybean oil is not available in many shops in different markets and neighborhoods of the capital.
Shopkeepers say distributors of edible oil refining and marketing companies have not yet arrived to take supply orders. Again some have not supplied oil yet.