Companies Summoned by Ministry for Raising Edible Oil Prices Without Approval

The Ministry of Commerce has summoned edible oil importers and marketing companies after they increased retail prices without obtaining approval from the government. An emergency meeting with these companies is scheduled to be held at the ministry on Wednesday afternoon.

Commerce Secretary Mahbubur Rahman stated that although the companies had applied to the government to raise the price of edible oil, no approval was granted. Nevertheless, they increased the price of soybean oil in the market by 9 taka per litre.

Traders claim that domestic adjustments were necessary due to rising prices in the international market. However, the Ministry of Commerce has said that despite the price increase proposal, the government did not make any decision in this regard.

Earlier in October, the same companies also raised edible oil prices without government permission. At that time, the government said that such unilateral price hikes were not acceptable. Later, under pressure, the companies withdrew their decision.

Khaborwala/SS