After edible-oil prices were increased at the consumer level without government approval, the Ministry of Commerce has summoned the oil-importing and marketing companies. An emergency meeting with these companies will be held at the ministry on Wednesday (3 December) at noon.
Commerce Secretary Mahbubur Rahman stated that although the companies had applied to the government for permission to raise the price of edible oil, approval was not granted. Even so, they increased the market price of soybean oil by 9 taka per liter.
The businesses claim that the rise in international oil prices required adjustments in the domestic market. However, the Ministry of Commerce says that despite receiving requests for price hikes, no decision was issued by the government.
Earlier, in October, the companies had similarly raised edible-oil prices without government approval. At that time, the government stated that there was no scope to raise prices in such a manner. Later, under pressure, the companies withdrew that decision.
