Govt warns of stern action against price fixing

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The caretaker administration is set to take action against edible oil refinery owners and importers who sell their products at elevated prices contrary to the government-fixed rates, an advsier said Saturday, reports bdnews24.com.
Commerce Adviser Hossain Zillur Rahman told the news agency that the falling cost of edible oil in the international market was having an impact on domestic prices.
He said a meeting would soon take place with businessmen to downsize current prices in light of the international situation.
The adviser said stern action would be taken against anyone found selling edible oil at a higher price than the government fixed rate.
"The ministry of commerce is in the last phase of its investigation into the matter. Instant action will be taken if proof is found that any businessman has been destabilising the market," Zillur added.
He also said the commerce ministry closely monitors the market at all times and the caretaker administration was trying to bring all market prices down to a tolerable level.
"The government has decided to apply some new techniques to keep the market stable. We will sit with the businessmen soon, following which we will announce the programme," said the adviser.
"I can, however, say that the government will intensify its monitoring system," he said.
The commerce ministry is currently investigating role of seven big edible oil refiners and importers for failing to sell their products at government fixed prices.
City Group, TK Group, Meghna Group, United Edible Oil, S Alam Group, Mostafa Vegetable Oil and Bangladesh Edible Oil were asked to submit relevant production and sales information between Feb 25 to March 9.