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Published : 03 Dec 2025, 08:42 PM
Commerce Advisor Sheikh Bashir Uddin has accused importers and distributors of raising cooking oil prices without notifying the government.
Speaking at the Secretariat on Wednesday, he criticised the businesses, saying the price hike has “no legal foundation”.
Retail prices of bottled soybean oil rose from Tk 189 to Tk 198, while loose oil increased by Tk 5 per litre. Bashir said he learned of the price hike just half an hour before facing the media.
Citing recent government procurement data, he said the authorities purchased oil at prices roughly Tk 20 lower than what is currently being charged in the market.
“[On Tuesday] we bought five million litres from them -- not just a litre or two. If we can buy five million litres in the tender at Tk 20 less, why should the market price be so high? I cannot see any reasonable justification.”
Asked whether the government would take action over the hike, Bashir said: “We will take the necessary measures. We are in discussions. This is not about going to the market and fighting with swords. We will act based on our deliberations.”
Asked whether businesses held more power than the government, he replied: “The prices they raised without our agreement have not persisted. As you can see, they issued a notification of the hike, which we did not endorse. For the past two and a half months, sales have continued at previous prices.”
He added, “If there is a valid reason for increasing prices, we have no objection to discussing it. We want to keep the supply system fluid, not disrupted. But this must be done within legal parameters and proper procedures, and that is how we will resolve it.”
On Oct 14, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association announced a price increase, raising bottled soybean oil by Tk 6 per litre and loose oil by Tk 8.
