Unauthorized price hike of edible oil by businessmen in the market without obtaining approval of the Ministry of Commerce and bottled soybean oil price hike by Tk 9 per litre are heinous acts that will face action, Commerce Adviser Sk Bashir Uddin said on Wednesday.

Visiting several markets in the city, he found that a bottle of five-litre soybean oil was selling at Tk 965, up from Tk 922 just days ago.

Aseem Halder, a grocer at Uttar Badda Kacha Bazar, said, “Companies have increased soybean oil prices by Tk 9 per litre. It was Tk 189 per litre but now Tk 198. Price of loose soybean oil has also gone up by Tk 5 per litre.”

Asked whether the ministry approved the hike, the adviser said traders raised prices without notifying the government. “They did not discuss the matter with the ministry,” he told reporters.

“Just a few days ago, through a tender, they offered us soybean oil at Tk 20 less per litre than the existing market rate. We purchased 50 lakh litres of soybean oil. I don’t know on what grounds they have now increased the price,” he said. The adviser said the ministry will sit with traders soon, and if they fail to justify the hike, the new prices will not be approved.

When asked how traders raised prices without government clearance, he added, “They tried to increase prices in October as well, but we didn’t approve it and the market didn’t follow the hike either. We will sit with them again.”

Regarding commodity prices ahead of Ramadan, the adviser said prices will remain stable as necessary measures have already been taken, and mentioned that the prices of chickpeas, sugar and lentils have recently declined.

According to Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, companies sent a letter to the ministry on November 10 seeking approval to raise soybean oil prices. On November 24, they again recommended a price adjustment, but the ministry did not respond. �”UNB