The issue of the skyrocketing prices of soybean oil has reached the High Court as three lawyers have brought the issue to the notice of the High Court.
The higher court advised them to file a writ petition next Sunday (March 6) in due course. The lawyers, however, are making preparations to file a writ petition over an unusual price hike of the edible oil.
The High Court bench of Justice Farah Mahbub and Justice SM Moniruzzaman gave the suggestion to the lawyers on Thursday (March
3). The three lawyers are Advocate Monir Hossain, Advocate Syed Mohidul Kabir and Advocate Mohammad Ullah.
They brought to the attention of the court a report published in an English daily about the price hike of soybean oil.
According to the report, a syndicate of unscrupulous traders in Bangladesh has raised the price of soybean oil at an unusual rate, taking advantage of the Russia-Ukraine war. The price of one liter of soybean has been fixed at Tk 175 in the retail market on March 2. However, the government has fixed the price of one liter of soybean at Tk 143.
“We have raised the issue in the higher court. We will file a writ petition on Sunday against the rise in oil price and stockpiling,” said the lawyers.
The edible oil refiners on Sunday sent a letter to the government, demanding to increase the price of the essential commodity by Tk 12 a liter. Without waiting for the government to give any decision, traders on Monday increased the price of edible oil by Tk 5-10 a liter.
According to the Trading Corporation of Bangladesh (TCB), soybean oil and palm oil was traded Tk 27 and Tk 32 higher than the government-approved rate for a liter respectively.
In the latest review, the government had set the price of unpackaged soybean oil at Tk 143 a lire but the item is sold for Tk 170-175 a liter in the retail market.
The price of palm oil was set at Tk 133 a liter, but TCB data showed that the item is sold for Tk 165 a liter in the city market.
