The unscrupulous syndicates of oil businessmen, who destabilized the country’s oil market, have been identified. Soon their identities will be disclosed and they will be punished.
Commerce Minister Tipu Munshi came up with the remarks while speaking at a press briefing on edible oil at his secretariat office in the city on Monday.
He said, “Before the holy Eid-ul-Fitr, some unscrupulous oil hoarders tried to stockpile edible oil in the market. Legal action is being taken against them. Not only government but also the businessmen should come forward to stop the market monopoly in future.”
The minister also said, “Edible oil is an import-based product. Only 10 percent of the country’s total demand of edible oil is met locally. Rest of the 90 percent depends on import. Besides hoarding, unstable international market and import costs are also liable for the increased price of edible oil. It has affected our market.”
“We are trying to keep the price of edible oil at a reasonable level. The supply is now normal and there is no shortage of oil in the market,” he added.
“The ministry has intensified its monitoring at the mill gate, wholesale and retail levels to ensure the supply of edible oil. Necessary legal action is being taken in case of irregularities,” he further said.
While asked whether oil prices would rise in the future, the commerce minister said, “We will monitor the international market. We will consider the situation at the neighbouring countries. We will try to reduce the price as much as possible.”
Praising Directorate of National Consumer Rights Protection, the minister said, “DNCPR is helping us.”
Asked what action would be taken against the traders who created the oil crisis, the commerce minister said, “The oil hoarders at retail level have already been fined for their misdeeds. DNCPR officials are penalizing the wrongdoers wherever they find anomalies. We have asked the oil business association that they should also take action against the culprits. Mill owners should also be under regular monitoring.”
Commerce Secretary Tapan Kanti Ghosh, TCB Chairman Brigadier General Md Ariful Hasan, City Group Chairman Fazlur Rahman, among others were present at the briefing.
