FE REPORT
The government has not approved any increase in edible-oil prices, Commerce Adviser Sk Bashir Uddin said on Tuesday.
He made the remarks while talking to reporters in Purbachal, Dhaka, following the recent announcement of higher soybean and palm oil prices by refiners.
On Monday, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association announced new retail prices -- raising bottled soybean oil by Tk 6.0 per litre to Tk 195, loose soybean oil by Tk 3.0 to Tk 177, and palm oil by Tk 13 to Tk 163 per litre.
The announcement comes amid growing tension between refiners and the commerce ministry over pricing decisions. Earlier, refiners had sought a Tk 10 per litre hike in soybean oil prices, but the ministry approved only Tk 1.0, prompting refiners to threaten import suspension and supply cuts.
Commerce Secretary Mahbubur Rahman told The Financial Express that the ministry had not made any such decision.
"I heard that refiners issued a press release with new prices. But the final decision will come after a meeting scheduled for Tuesday noon," he said.
According to the refiners' statement, the new price of a five-litre bottle of soybean oil has been set at Tk 945.
Meanwhile, the commerce adviser reiterated that the government had not endorsed any price hike.
SM Nazer Hossain, vice-president of the Consumers Association of Bangladesh (CAB), urged the ministry to take stern action against refiners for announcing higher prices without approval.
He accused the refiners of blackmailing the government and said their actions demonstrated the existence of an oligopoly in the edible oil market.
Mr Hossain also called for fair price adjustments based on actual import and production costs, keeping consumers' interests in mind, noting that only six or seven companies control the country's entire edible oil sector.
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