A syndicate monopolizing and hoarding daily commodities, including soybean oil, for extra profit is unacceptable, the High Court has said.
The bench of Justice Farah Mahbub and Justice SM Moniruzzaman made the remarks on Sunday during a hearing on a writ petition seeking directives to set up a monitoring cell to control soybean oil prices in the market.
The court said that some people tend to buy more soybean oil than what they actually need, which might lead to higher prices in the market. In the case of daily commodities including soybean oil, it is not acceptable that a syndicate will do monopoly business and stockpile products for extra profit.
Instructing the writ petitioners to amend the petition, the court said there can be an artificial crisis of all essential commodities ahead of the month of Ramadan. Not just soybean oil, but all commodities are included in the writ. Such an order should be given for the benefit of every citizen of the country.
The court also said that the Trading Corporation of Bangladesh (TCB) needs to formulate a policy on the distribution of essential commodities.
The court set Monday for further hearing on the petition.
Advocate Syed Mohidul Kabir appeared for the writ petition in the court while Deputy Attorney General Pratikar Chakma represented the state.
Earlier on March 6, Supreme Court lawyers Monir Hossain, Syed Mohidul Kabir and Mohammad Ullah filed the writ petition in public interest.
On March 3, the three lawyers brought the issue of soybean oil price hike to the notice of HC following a new report.
According to the report, a group of traders in Bangladesh has raised the price of soybean oil at an unusual rate, taking advantage of the Russia-Ukraine war.