The New Nation reported on Saturday that traders have silently increased edible oil price by at least Tk 5-8 per liter packed bottle and it took place breaking their promise at a meeting with Commerce Minister on January 19 for a two-week halt. The minister also told the media on that occasion that edible oil price will not rise now. But traders’ unilateral action has raised question from where they get the power to break the promise. The decision at that time was that any price hike will remain under halt to allow the government to evaluate the domestic and international price situation before deciding whether any price hike is justified and to what extent.
Traders sold a bottle of newly imported soyabean oil on Friday in city market at Tk 165 to 168, while they sold it at Tk 155 to Tk 160 from old stock. Similarly palm oil was sold at Tk 135-140 which is up by at least Tk 5 per liter. A five-liter bottle of soybean oil sold at Tk 785 up from Tk 700. It appears that traders didn’t wait for the next meeting with the Commerce Minister fixed for the first week of February. What is surprising is that traders have slapped the higher prices without a formal announcement. In our view traders’ syndicates have proved they are more powerful and they don’t bother the minister.
Indeed prices of every edible item such as rice, vegetables and spices are on the rise. They are only rising and not falling. We are appalled by the unruly market situation. Big importers and business houses are out to hike prices as they would like to make huge profit blaming higher import price at global market. Edible oil price increased at least on four occasions last year. Traders are taking the market hostage and if our past experience is of any value they may cause price spiraling of edible oil, onion and such other items again before Ramzan.
We can’t allow such chaotic situation to persist. We have laws and regulatory bodies such as competition commission or consumers’ rights protection bodies. But they have been rendered ineffective. We would expect the Commerce Ministry would take action against trading houses for breaking the stake pledge.
