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Published : 04 Dec 2025, 02:34 PM
The government has issued a show-cause notice to edible oil traders over the price hike of their products without the government’s approval, says Commerce Advisor Sheikh Bashir Uddin.
He spoke to the media following a workshop celebrating “National Textile Day” on Thursday. In response to reporters’ queries, the advisor said: ‘‘The traders didn’t talk to us. Hence, we issued a show-cause notice against them. Also, we called them to a meeting.”
On Oct 14, the Bangladesh Vegetable Oil Refiners and Vegetable Oil Manufacturers Association announced an increase in the price of edible oil.
The price of bottled soybean oil was increased by Tk 6 per litre and unbottled soybean oil by Tk 8 per litre. Last Wednesday, the price of bottled soybean oil in the retail market increased from Tk 189 to Tk 198. The price of unbottled oil increased by Tk 5 per litre.
However, the government does not agree with the decision. Advisor Bashir Uddin claimed that importers and marketing companies had increased the prices of edible oil without informing the government.
The commerce advisor said, "They (the traders) took the action without informing us. They acted according to their own decision. I made it clear yesterday (Wednesday) that we will take necessary action.”
Mentioning the latest information on the government's oil purchases the day before, he told reporters:
"They (traders) gave us oil at a price that was about Tk 20 lower than the price they are selling it in the market today.
"So, I don't see any logic in selling it at a price of Tk 20 more. We bought it from them yesterday; we bought 5 million litres of oil; not just one or two litres. If we can buy 5 million litres of oil at a price Tk 20 lower (than the regular price), why would the market price increase? I can't find a logical reason.”
JUTE SECTOR DESTROYED BY CORRUPTION: BASHIR
The collapse of Bangladesh's jute industry was caused by policy errors and the industry was nationalised without any prior preparation, the commerce advisor said, adding: ‘‘This decision has destroyed the capacity of entrepreneurs.”
After nationalisation, an institution was established and run by government officials. He said it was the wrong decision. “The state factories were run by unskilled, ineligible and corrupt people. They failed to diversify the jute sector, and there was a significant deficit in the supply of jute products despite a high market demand.”
Bashir Uddin said that such “mistakes” would not be repeated.
‘‘These unskilled, ineligible people made up fantasies with jute just to cover up their failure. It wasn’t realistic at all,” he said.
"With the graduates coming out of 71 colleges and institutes across the country, we want to take the country's total exports to $100 billion, of which 85 percent will be from the textile sector. We don't want to dream big, so that no mistakes are made again."
The interim government has shifted 14 industrial enterprises to the private sector through open tenders, the commerce advisor said, adding that privatisation of several more industries is under way.
These companies are running well under private management, he said.
