Commerce Min Censures Traders for Soybean Oil Hoarding

Commerce Minister Tipu Munshi has blamed traders for creating an artificial shortage in the market by hoarding soybean oil.

He also said the soybean oil vendors betrayed the government as they knew beforehand that prices were slated to increase - so they stocked previously purchased oil in order to sell them at an increased price later.

The minister was speaking to reporters following a meeting with soybean oil vendors at his office in the secretariat.

However, Tipu Munshi conceded that his ministry failed to coordinate the situation.

The minister said soybean oil will soon be available throughout Bangladesh.

Since a few days before Eid-ul-Fitr, bottled soybean oils of all brands have nearly vanished from store shelves across the country.

Soybean oil was being sold at a price higher than that fixed by the government before the price hike.

There had been an acute shortage of all kinds of bottled soybean oils in the market and in local grocery stores 2-3 days before Eid. Shopkeepers said there is no supply of soybean oil.

After Eid, edible oil prices saw the highest increase in Bangladesh's history as the government moved to put an end to the unprecedented crunch of the essential cooking item.

The government has fixed the price of a litre of bottled soybean oil at Tk198, a 23.75% hike from Tk160 per litre.

However, soybean oil was still unavailable in most of the markets since the unprecedented hike.