A syndicate of unscrupulous importers and traders in Rajshahi are taking advantage of the supply crunch of edible oil in the country by creating an artificial crisis in the market.
Even though authorities of the district say there will be no edible oil shortage in the markets for the next three months, consumers have reported the opposite.
“Prices for any essential are mainly determined by the supply and demand. The prices for edible oils, such as soybean, have skyrocketed because millers, importers, and wholesale retailers have been stockpiling oil in the hopes to sell them at higher prices later,” said Rajshahi Deputy Commissioner Abdul Jalil on Monday.
“We have already provided family cards to 200,000 ahead of time since the government plans to provide onion, edible oil, lentil, sugar, dates, and chickpeas to 10 million people during the Ramadan,” he said.
The Directorate of National Consumer Rights Protection has been conducting raids in various parts of Rajshahi district, including the metropolis to stop hoarding. Several traders were fined in raids in different parts of the city on Sunday, he added.
On Sunday, the owner of “Shahabuddin Store” at Hadir Junction in the city was fined Tk50,000 after 600 liters of soybean oil was found hidden in his shop.
Rajshahi Deputy Commissioner Abdul Jalil speaks at a meeting at the district administration office on Monday, March 7, 2022 Dhaka TribuneOn Monday, three shop owners were fined Tk90,000 for charging the excessive price of soya bean oil. Besides that, 225 bottles of oil were also seized by the Directorate of National Consumer Rights Protection.
“Rajshahi's people are peace-loving, so the district administration should work with the traders in order to control the groundless price hike, said Md Masudur Rahman Rinku, president of the Rajshahi Chamber of Commerce and Industry.
He also warned traders and manufacturers of the possible repercussions of creating a crisis on the market.
“The district administration and markets here act together. We have worked with them before when prices of salt went up. Hence we are hoping we can do the same with edible oil,” said Sekendar Ali, a leader of a Rajshahi-based trade body.
The district administration should hold discussions with business bodies to control the prices, says the general secretary of the “Rajshahi Beneti Babshayi Shomitee.”
Meanwhile, Rajshahi Distributors Association’s Finance Secretary Md Shamshuzzaman complained that consumers and sellers could not buy soybean oil at wholesale or retail rates for a week. “Those who import oil from abroad control the price by syndicating.”
Some retailers in the city, seeking anonymity, said they could not buy any edible oil from importers since the beginning of March.