Soybean oil prices increased without any announcement!

Staff Correspondent

Importers and marketers have silently increased the price of soybean oil at the consumer level without any prior announcement. The sudden increase in the price by 9 taka per liter is increasing anger among consumers. Consumer rights activists complain that increasing the price in this way without government approval is not fair, but rather a strategic behavior towards consumers.

Both the importers’ organization, Bangladesh Vegetable Oil Refiners and Bonaspati Manufacturers Association, and the government are giving different statements regarding the increase in oil prices.

The companies claim that the government has already been informed about the increase in oil prices in the international market. However, the Ministry of Commerce says that the traders have only requested a price increase; approval has not been given yet.

A visit to some areas of the capital, including Kanthalbagan, Karwan Bazar and Mohammadpur, has seen that popular brands including Rupchanda, Teer, Pusti, and Fresh have come into the market with new prices. A 5-liter bottle is being sold for 965 taka. And the price per liter has been increased from 189 taka to 198 taka.

Tamim Iqbal, who bought 5 liters of Fresh brand oil from Mohammadpur Agricultural Market, said that he still got it from a familiar shopkeeper at the old price of 920 taka. But the shop also has new bottles, which are being sold at 965 taka even though the price is 922 taka.

Tajul Islam, a grocery shopkeeper in Karwan Bazar, said the companies had been hinting at the new prices for a week. They have been offering oil at higher prices in stores for two days.

According to the Tariff Commission, on November 10, the companies applied for a price increase and said that the new price would be implemented from November 24. The proposed price is Tk 199 per liter for bottled oil, Tk 985 for five liters, and Tk 179 for unsalted soybean oil. The price of unsalted palm oil has been set at Tk 169.

On the other hand, the ministry says that approval has not been given yet. Traders explain the law and say that they have adjusted the prices following the ‘Essential Commodity Marketing and Distributor Appointment Order’ of 2011. That order states that the decision to adjust prices through the traders’ association must be informed to the monitoring cell and district-upazila administration 15 days in advance.

National consumer rights activists say that raising prices without government permission is clearly anti-consumer behavior.

CAB President AHM Shafiquzzaman believes that the Department of Consumer Rights Protection should take the initiative to investigate the matter. At the same time, the Ministry of Commerce can write to the companies and ask them.

Nurul Islam Molla, the association’s executive officer, is again claiming that the decision to increase the price was taken only after informing the government.

Commerce Secretary Mahbubur Rahman said he did not have specific information about the price increase. However, traders have made proposals. If there is no approval, it will be investigated how they increased the price.

Last October, the companies similarly raised fuel prices without permission. They were later forced to reverse the decision due to public discontent.