Traders selling bottled edible oil in loose form for higher profits: Minister
Govt to ban sales of loose soybean oil after 31 May, palm oil after 31 December
Many traders are now selling bottled edible oil in loose form to make higher profits, as a group of unscrupulous traders illegally raised the prices of loose oil, Commerce Minister Tipu Munshi has said.
"Edible oil traders recently came to the government for raising the oil prices further. But, we rejected their proposal. Failing to convince the government, an unscrupulous group raised the loose oil prices," he told the media after an inter-ministerial meeting at the Secretariat in the capital on Wednesday.
Besides, many stored a bulk of edible oil to make a fake supply crunch, he added.
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The minister said the government was now taking stern actions against those manipulating the edible oil and commodities markets. Besides, it would ban the sales of loose soybean oil after 31 May, and palm oil after 31 December this year.
"The government rationally fixed the edible oil prices. However, there are mismatches between the government-set prices and market prices," he added.
"We are now alert. Intelligence agencies DGFI and NSI, and the Directorate of National Consumer Rights Protection and deputy commissioners at district-level are working to protect the markets from the evil groups," the minister said.
"We already started drives against the irregularities. The law enforcement agencies will also launch such drives. Joint drives may be conducted if it becomes necessary," the commerce minister said.
Mentioning that his ministry was working with the industries ministry, the edible oil must be sold in bottles or polyethene packets.
In the upcoming Ramadan, he said there would be no shortage of commodities products in the market as the country already imported enough. At least one crore people would get the items at subsidised prices at TCB's sales points, he added.
Commerce Secretary Tapan Kanti Ghosh was present during the briefing. He said the local market would be stable in the upcoming Ramadan, although the global markets were already volatile.
