Panel formed to address edible oil price manipulation

The Bangladesh Competition Commission has formed a three-member committee to root out edible oil price manipulation practices in the domestic market.

It was recently found that some companies engage in anti-competitive activities when it comes to selling edible oil in order to make hefty profits, the commission said in a statement yesterday.

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The commission also sought information from the people about any anomalies in local edible oil prices.

However, the names of people who report anomalies such as price manipulation will not be disclosed, according to the statement.

A section of dishonest businessmen have been selling edible oil at much higher rates in violation of the government-fixed prices for the key cooking ingredient ahead of Ramadan.

Besides, a section of unscrupulous traders are so desperate to turn a profit that they sell bottled edible oil in parts.

By taking advantage of the artificial crisis they create, the traders are able to sell loose edible oil at higher prices.

They engage in this practice as the government-fixed rates of bottled edible oil are printed on the product's label.

As a result, low-income people have been put under pressure.

In different kitchen markets across Dhaka yesterday, bottled soybean oil sold for between Tk 165 and Tk 170 per litre while it was the same last week, according to data from the Trading Corporation of Bangladesh (TCB).

Earlier, the government fixed Tk 168 for each litre of bottled soybean oil.

Meanwhile, five-litre cans of soybean oil of different brands sold for between Tk 790 and Tk 830 while it was Tk 780 to Tk 800 a week ago.

Loose palm oil was priced between Tk 156 and Tk 158 per litre, up from Tk 150 and Tk 154 per litre a week earlier.

Palm oil super cost between Tk 158 and Tk 160 per litre while it was Tk 155 and Tk 160 per litre a week ago, TCB data showed.