The Ministry of Commerce has summoned edible oil importing and marketing companies after they raised consumer prices without obtaining prior government approval. An urgent meeting between ministry officials and the companies is scheduled to take place on Wednesday afternoon to address the issue.
Commerce Secretary Mahbubur Rahman stated that while the companies had submitted a request to increase the price of edible oils, the government had not granted authorisation. Despite this, the firms proceeded to raise the price of soybean oil by 9 taka per litre in the domestic market, prompting concerns over regulatory compliance.
Representatives of the businesses justified the price adjustment by citing rising costs in the international market. They argued that global price fluctuations necessitated immediate action to maintain supply chains and protect profit margins. However, the Ministry of Commerce has maintained that the government had not approved any such increase, and stressed that unilateral action by companies contravenes regulatory procedures.
This incident mirrors a similar situation in October, when the same companies raised edible oil prices without government authorisation. At that time, the government explicitly stated that such unilateral increases were unacceptable and compelled the firms to reverse their decision. The recurrence of such actions has raised questions about compliance and monitoring mechanisms within the sector.
Officials at the Ministry emphasised that all price adjustments must follow formal approval procedures to ensure transparency and protect consumers from arbitrary increases. Failure to adhere to these regulations may result in sanctions or other administrative measures against the companies involved.
Market analysts note that while global commodity price fluctuations are genuine, maintaining a balance between industry sustainability and consumer protection is critical. The government’s proactive intervention reflects its commitment to regulatory oversight and controlling inflationary pressures in essential commodities.
Key Details: Edible Oil Price Hike
| Detail | Information |
|---|---|
| Commodity affected | Soybean oil |
| Price increase | 9 taka per litre |
| Companies involved | Edible oil importers and marketers |
| Ministry involved | Ministry of Commerce |
| Government stance | No approval granted for price hike |
| Justification by companies | Rising global market prices |
| Previous incident | October: similar unauthorised price increase |
| Meeting date | Wednesday afternoon |
The outcome of the ministry meeting is expected to determine whether further regulatory measures will be imposed and whether the companies will be required to reverse the recent price adjustment.