No example exists in the world regarding the selling of loose oil by opening bottled oil: DNCRP DG

Directorate of National Consumer Rights Protection (DNCRP) Director-General AHM Shafiquzzaman has said there was no example in the world of traders selling loose edible oil by opening bottled oil to make an extra profit.

"The market of edible oil across the country is unstable. Traders create the crisis despite keeping edible oil-carrying ships in the sea," he said while addressing a view exchange meeting in the port city's Agrabad area on Saturday.  

Chattogram Chamber of Commerce and Industry (CCCI) arranged the meeting on the spiralling price of essentials and the market situation during the month of Ramadan. Leaders of different level business organisations in Chattogram joined the programme, with CCCI President Mahbubul Alam in the chair.

"We are now making an app. By using it, we can trace when and from where edible oil was released, how much edible oil was released, how much remained at refineries and how much oil reached the customer level," AHM Shafiquzzaman said

He further said, "The country has a monthly demand of 1.5 lakh tonnes of edible oil but its demand has increased to 2.75 lakh tonnes in the month of Ramadan. For this, the market becomes volatile despite having huge edible oil in stock compared to the demand.  Our refineries can refine 20,000 tonnes of edible oil against the 5,000 tonnes of daily needs. But why does the crisis remain?" 

"We did an enquiry to identify the reason behind the price hike and instability in the edible oil market before import duty waiver on 16 March. From millers to retailers everybody is involved in price manipulation. While conducting drives in refineries, we found some irregularities."

"However, refineries promised us that from now on they will continue production. They will also add the price tag of their produce in supply orders as well. Alongside the dealers, customers can buy oil from the mill gate at mill rate," he added.   

He also said, "During a drive in Karwan Bazar at midnight a few days ago, we saw wholesalers selling lemons at Tk8 per piece while the buying price was Tk3.  But as per the Agricultural Marketing Act, more than 20 % profit cannot be made by wholesalers at the retail level."

CCCI president Mahbubul Alam said goods transportation has to be uninterrupted.  The supply chain has to keep steady. With this, the supply of goods will remain unharmed.   Traders have to hang the list of both the buying and selling prices at the stores to clarify the difference in prices of the products. 

Currently, seven to eight mills refine the edible oil in the country. The number of refineries can be increased.  The government can separately import the edible oil needed for TCB truck sales.  With this, the crisis of edible oil will be solved, he opined. 

Private Secretary to the Commerce Minister Mohammad Masukur Rahman Sikder, Additional Deputy Commissioner of Chittagong Mohammad Abu Raihan Dolan, Deputy Commissioner of Police Mohammad Abdul Warish, CCCI Vice President Syed Mohammad Tanvir and President of Chittagong C&F Agents Association Akter Hossain also spoke.