Refiners' delay in delivery leads to price hike of edible oil
Thursday, 23 August 2007
Our Correspondent
CHITTAGONG, Aug 22: As the owners of refineries have adopted unethical practice in supplying edible oil instead of prompt supply a kind of instability in the price level of the same is persisting in the markets. Side by side, dishonest syndicates, by availing the chance, are enhancing the price of edible oil ahead of the holy month of Ramadan, sources said.
According to wholesale traders, they are not getting their desired items of products in time even after waiting for three to five days. Even after receiving delivery orders (D/O), they are not being supplied with edible oil. Consequently, it leads to creation of crisis in the markets and automatically the price of the same increases.
Sources further said, wholesale traders, after obtaining loan from banks, invest it in edible oil business. As the refineries make unnecessary delay in delivery they have to bear the burden of excess interest of the bank loan.
On the other hand, by issuing DO, the refineries are earning millions of taka from the wholesale market.
Long queues of trucks are visible in front of almost all the refineries while the refineries are not making delivery of the edible oil even after expiry of three to five days. Trucks are parked on the roads near the refineries based at Patenga, Sagarika and BFIDC Road in the city. Unnecessary delay in delivery of the product is creating price hike in the markets.
In view of delay in delivery of edible oil by the refineries price of the same has registered another round of rise in the wholesale market during the last few days, sources added.
CHITTAGONG, Aug 22: As the owners of refineries have adopted unethical practice in supplying edible oil instead of prompt supply a kind of instability in the price level of the same is persisting in the markets. Side by side, dishonest syndicates, by availing the chance, are enhancing the price of edible oil ahead of the holy month of Ramadan, sources said.
According to wholesale traders, they are not getting their desired items of products in time even after waiting for three to five days. Even after receiving delivery orders (D/O), they are not being supplied with edible oil. Consequently, it leads to creation of crisis in the markets and automatically the price of the same increases.
Sources further said, wholesale traders, after obtaining loan from banks, invest it in edible oil business. As the refineries make unnecessary delay in delivery they have to bear the burden of excess interest of the bank loan.
On the other hand, by issuing DO, the refineries are earning millions of taka from the wholesale market.
Long queues of trucks are visible in front of almost all the refineries while the refineries are not making delivery of the edible oil even after expiry of three to five days. Trucks are parked on the roads near the refineries based at Patenga, Sagarika and BFIDC Road in the city. Unnecessary delay in delivery of the product is creating price hike in the markets.
In view of delay in delivery of edible oil by the refineries price of the same has registered another round of rise in the wholesale market during the last few days, sources added.