Importers and distributors have silently increased the retail price of soybean oil by Tk. 9 per litre without any official announcement. According to trade experts, the method used to raise the price has no legal basis. To curb such unlawful practices, the Directorate of National Consumer Rights Protection (DNCRP) conducted inspections at dealer outlets across Dhaka. During the operation at Karwan Bazar, dealers of Meghna Group’s Fresh Soybean Oil, TK Group’s Pushti Soybean Oil, and City Group’s Teer Soybean Oil were fined Tk. 20,000 each, totaling Tk. 60,000, as an initial warning.
The operation was carried out on Wednesday afternoon under the supervision of Bikash Chandra Das, Deputy Director of the Department’s Dhaka Divisional Office, and Muhammad Hasanuzzaman, Assistant Director of the Dhaka District Office.
During the inspection, Messrs ET Enterprise, Siddique Enterprise, and Yasin Enterprise were each fined Tk. 20,000. Additionally, Bengal Oil Mill was fined Tk. 50,000 for selling soybean oil at inflated prices in open sacks.
The authorities noted that the government had not increased the price of edible oil. However, the companies raised retail prices by Tk. 9 per litre without any prior announcement, exploiting consumers by selling at higher rates. The fines were imposed on three companies for these consumer-unfriendly practices.
Bengal Oil Mill was also found selling flour in bulk sacks at higher prices, in addition to selling soybean oil above the government-approved rate. These actions were penalized under the Consumer Rights Protection Act 2009.
Regarding the price hike, commerce adviser Sheikh Bashiruddin stated, “the way the traders increased the price of edible oil has no legal justification.”
Speaking about the operation, deputy director Bikash Chandra Das said, “The government has not increased the price of edible oil. Companies have raised soybean oil prices without any announcement. Retail outlets are selling soybean oil above the government-set rates, exploiting consumers. Three companies have been fined Tk. 60,000 for violating consumer rights, while an additional Tk. 50,000 fine was imposed on a company for selling flour in bulk sacks above the regulated price.”
