With the rising price of soybean oil in Bangladesh, approximately 1000 crore rupees have been swindled in 15 days. This information was provided by the National Department of Consumer Protection.
A high-level government meeting with edible oil mill owners and dealers in Dhaka on Wednesday said those involved in raising oil prices and creating a supply crisis would be identified.
Officials also said that a team from the Department of Consumer Protection would visit the oil mills tomorrow to ensure the supply of soybean oil.
At the same time, the team will check the information of three months supply given by the mill owners.
The supply of soybean oil in the country’s market has suddenly declined.
The allegation led to higher oil prices in the retail and wholesale markets for two weeks.
An artificial oil crisis has been created in the market. Such allegations have also been raised.
In this situation, Additional Secretary of the Ministry of Commerce and Director General of the Department of National Consumer Protection on Wednesday. H. M. An emergency meeting of edible oil mill owners and dealers was held under the leadership of Safiquzzaman.
‘1000 crore rupees were seized’
During the meeting, Mr. Safiquzzaman informed that about one thousand crore rupees have been swindled in the last 15 days due to the increase in oil prices.
Going to explain this, Mr. Safiquzzaman said the figures were comparable to the daily demand for edible oil.
“If there is a demand for 5,000 tonnes of edible oil per day, the total figure is much higher if it is increased by Tk 10 per liter. Thus, we have given an estimate,” said the Director-General of the Department of Consumer Protection.
The meeting decided to identify those who created this situation in the market.
Who is involved in manipulating the oil market
However, the Department of Consumer Protection initially thought that the crisis was caused by a combination of some dealers and dishonest traders.
The director-general of the department. Safiquzzaman said, “The vicious circle has done it. This situation has been created from several stages.”
“Some of these dealers are also involved here. Again, they are involved at the wholesale level,” he said.
“We will first check the supply information of the mills and then identify the specific dealers. Then we will find out where the supply oil has gone.”
The government team will supervise the supply in the mills
Only six mills refine or refine edible oils, including soybean oil and palm oil, to the domestic market. These mills are the organization of big industrial groups.
Discussions are also underway on the issue of supply crisis from the mills or manipulation of dealers.
However, the director-general of the Department of Consumer Protection. H. M. Safiquzzaman said at their meeting, the mill owners provided information or a list of supplies for the last three months.
“The annual demand for edible oil in the country is 2 million metric tons. According to that, the demand for three months is about 150,000 tons. Safiquzzaman.
He said the information provided by the mill owners would be verified.
A joint team from the Commerce Ministry and the department, comprising members of various agencies, including law enforcement, will visit the mills from Thursday to verify the supply.
However, several dealers have denied allegations by the Consumer Protection Department that initially some dealers or some wholesalers may create supply crises. However, they did not agree to say anything officially.
There is no shortage of supply, claims mill owners
Among the representatives of the mill owners who were present at the meeting with the government, Meghna Group Deputy Adviser Mohammad Shafiur Rahman said the mills were not involved in the crisis over the oil supply.
“Our supply has never stopped.”
However, Mr. Rahman said, “We had a little problem with soybean oil because a ship carrying oil arrived a little late.”
“But palm oil meets 80 percent of the demand for edible oil. And our supply of powder has never stopped or been in crisis. Dealers have also acknowledged this in meetings with the government,” said Mohammad Shafiur Rahman.
He mentioned that the government will verify the information provided to the government about the supply of oil in the last three months. They have no objection.
The Department of Consumer Protection said action would be taken based on verified evidence of supply.
However, the campaign launched across the country, including Dhaka, to ensure the supply of edible oil including soybean in the market will continue.
The government is also considering reducing tariffs on edible oil imports.