Syndicate grips country's largest wholesale market of edible oil
Thursday, 8 November 2007
Our Correspondent
CHITTAGONG, Nov 07 : Edible oil business at Khatunganj, the largest wholesale market of the country, has fallen under the grip of slip and advance business syndicate, system. Price of edible oil is being increased gradually at an alarming rate due to this malpractice of the very dishonest circle, sources said.
Importers' sources have, however, claimed that the price hike of edible oil in the international market has adversely affected the local markets, which has led to recent instability in the price level of edible oil, registering such an abnormal rise in the price of this essential item..
Sources said that such slips through a process of changing hand leads to the abnormal rise in the price level of this essential item of cooking, which in turn, leaves on adverse impact on the general traders and buyers.
In the process, slip purchasers and sellers are earning millions of taka in a highly illegal manner even without procuring delivery orders (DO).
Business sources said, different government agencies have already been informed of the matter in writing. The business community, however, expressed the opinion that if the government took drastic action against the price of edible oil would come down.
According to the reliable sources, oil importers and refinery organizations sell their D/O to a specific number of dealers. A few selected businessmen procure slips from the dealers of the above organizations. Beyond that, no other businessman is allowed to buy or sell the slips.
With the changing of hands of the slips, price of edible oil begins rising since it remains preserved in the godowns. One who possesses slip last, in turn, sells the edible oil at on enhanced rate and in this way its price is gradually increased.
However, business sources have called for controlling the edible oil market taking drastic measures against the dishonest syndicates.
CHITTAGONG, Nov 07 : Edible oil business at Khatunganj, the largest wholesale market of the country, has fallen under the grip of slip and advance business syndicate, system. Price of edible oil is being increased gradually at an alarming rate due to this malpractice of the very dishonest circle, sources said.
Importers' sources have, however, claimed that the price hike of edible oil in the international market has adversely affected the local markets, which has led to recent instability in the price level of edible oil, registering such an abnormal rise in the price of this essential item..
Sources said that such slips through a process of changing hand leads to the abnormal rise in the price level of this essential item of cooking, which in turn, leaves on adverse impact on the general traders and buyers.
In the process, slip purchasers and sellers are earning millions of taka in a highly illegal manner even without procuring delivery orders (DO).
Business sources said, different government agencies have already been informed of the matter in writing. The business community, however, expressed the opinion that if the government took drastic action against the price of edible oil would come down.
According to the reliable sources, oil importers and refinery organizations sell their D/O to a specific number of dealers. A few selected businessmen procure slips from the dealers of the above organizations. Beyond that, no other businessman is allowed to buy or sell the slips.
With the changing of hands of the slips, price of edible oil begins rising since it remains preserved in the godowns. One who possesses slip last, in turn, sells the edible oil at on enhanced rate and in this way its price is gradually increased.
However, business sources have called for controlling the edible oil market taking drastic measures against the dishonest syndicates.