The High Court has observed that it is not acceptable for a business syndicate to have a monopoly on all kinds of commodities, including Soybean oil, and to stockpiling essential commodities for extra profit.
The High Court bench of Justice Farah Mahbub and Justice S M Maniruzzaman on Sunday passed the observation while hearing of a writ petition filed seeking directive upon the concerned bodies of the government to form a monitoring cell and to formulate policies for controlling the price of Soybean oil in the market.
Some people purchase Soybean oil more than they need, which could lead to higher prices in the market, also observed the court. After hearing, the court fixed Monday for further proceeding on the petition.
Earlier on March 6, three Supreme Court lawyers, Monir Hossain, Syed Mohidul Kabir, and Mohammad Ullah, filed the writ petition seeking HC directives to form a monitoring cell and to formulate policies for controlling the price of Soybean oil in the market.
They submitted the petition as public interest litigation based on a published report over the recent price hike of Soybean oil.
According to the published report, the traders in their bid to make a quick buck are siphoning out Soybean oil from sealed 5-litre containers and selling the cooking oil in loose form while others are hoarding the oil, driving the prices up in retail.
As edible oil has become expensive in the international market in the wake of the Russia-Ukraine war, dishonest traders have started creating an artificial crisis here.
Prices of edible oil have shot up and gone beyond the government's fixed rates at retail, and the consumers as always are paying the price. On March 2, a litre of loose Soybean oil was going for Tk 175 per litre, 22 per cent higher than the government's fixed rate of Tk 143, according to market prices data compiled by the Trading Corporation of Bangladesh.
Interestingly, the 5-litre containers were selling for Tk 830, still 4.4 per cent higher than the government fixed rate of Tk 795, and the per litre cost was about Tk 10 cheaper than loose Soybean oil. This prompted retailers to start selling oil of the containers in loose form, the report also read.
The three lawyers on March 3 brought the report to the attention of the High Court bench for its direction over the issue. Then the court asked them to file a writ petition with it and accordingly the lawyers filed the writ petition.
