Volatility in Kishoreganj oil market

Soybean oil selling at Tk 220 per litre

Published : 28 Apr 2022 09:15 PM

The soybean oil market in Kishoreganj is in a volatile state. Open soybean oil is being sold at Tk. 220 per liter. Where the price of open soybean oil fixed by the government is Tk. 136. It is taking more than Tk 84 per liter from consumers. The CAB is blaming the syndicate for the instability of rising oil prices. Not just soybean oil but the prices of every essential commodity are skyrocketing. As a result, low and middle income people are in dire straits.

Some buyers, who did not want to be named, said that the shopkeepers were increasing the price of oil by Tk 84 per liter before Eid. How can the low and middle income people, run the family? 

According to sources, 8-9 oil traders in the Boro Bazar of the district town and 8-10 oil traders in Bhairab Bazar are creating instability in the market by converting bottled and packaged oil into open oil at night. 

They are the main cause of rising and falling oil prices. Sources also said that they have formed this syndicate with invisible power. 

The origin of such syndicates is due to the weakness of the market monitoring system.

Market analysts say the government can never set commodity prices in a free economy. The government should introduce rationing system for the needs of the people. Then the government can bring this market system under control.

Kishoreganj CAB President Alam Sarwar Titu said the district administration has already been informed about the rise in oil prices. The identified 8-9 traders have hidden 900 to 1000 drums of soybean oil. We request the administration to file a case against them under the Special Powers Act. We are working to save consumers from the clutches of the syndicate.

Additional District Magistrate Farzana Khanam said a mobile court would be set up to look into the allegations.

Kishoreganj Deputy Commissioner Shameem Alam when contacted, said that authorities concerned are monitoring the market. Action will be taken if any irregularities are found.