Manipulation of soybean oil in N’ganj wholesale market
Staff Correspondent :
With only two days left before the holy month of Ramadan, the supply of essential goods is increasing in the wholesale markets of Narayanganj. However, along with this, the prices of commodities are also skyrocketing. While business leaders are advocating fair trade practices, many traders have already started hoarding goods, which will inevitably impact the retail market. The Narayanganj district administration has announced regular monitoring to keep the market stable during Ramadan.
Consumers allege that dishonest traders create artificial shortages by hoarding products, leading to price hikes. In response, the Directorate of National Consumer Rights Protection has recently launched an operation in the wholesale market of Nitaiganj. The operation immediately identified price manipulation regarding soybean oil. As a result, a few businesses were fined, but the issue remains unresolved. As soon as one raid ends, price manipulation starts again.
With Ramadan approaching, residents of Narayanganj are deeply concerned about the market situation.
Due to the increasing price of soybean oil, the district task force conducted another raid in Nitaiganj. Sagar Hossain, a shopkeeper at Amin Enterprise, commented that breaking the syndicate would naturally bring down the price of soybean oil. Kazi Shuvo, a resident of Paikpara, who sells samosas and snacks, shared his frustration, saying, “Three months ago, I bought soybean oil at 150 Taka per liter, but now I have to buy it at 192 Taka. However, I can’t increase the prices of my samosas, rolls, or chops.”
On February 24, in an attempt to control commodity prices, the Directorate of National Consumer Rights Protection conducted raids in Pagla, Fatullah, and Nitaiganj in Narayanganj. Three businesses were fined a total of 312,000 Taka. The operation was led by government director Hriday Ranjan Banik.
He stated, “Based on complaints, we sent undercover buyers to purchase soybean oil. When we found that some stores were selling it above the government-set price, we fined Monir Store 300,000 Taka. Additionally, they were instructed to sell the stocked oil at the labeled price.” He further mentioned that two other businesses in Pagla Bazaar, Fatullah, were fined 12,000 Taka for similar violations.
A visit to Digubabu Market’s grocery section revealed that bottled soybean oil was available in sufficient quantities. However, retailers claimed that apart from a few brands, other bottled soybean oil brands had disappeared from the market for a while, which was a deliberate tactic to increase prices. Consumers believe that shopkeepers had already stocked up on oil and are now selling it at higher rates.
Retailers argue that they are simply following the supply system set by the companies. Mohiuddin, a grocery store owner, stated that despite high demand, companies deliberately limited supply for some time, allowing them to increase prices. Dulal Hossain, the owner of Bikrampur General Store, mentioned that customers expect to buy oil at the printed price, but since he purchased it at a higher rate, he cannot sell it at a loss.
In some parts of the market, such as Bou Bazaar, only a few shops are selling oil at the regulated price or slightly above it. Previously, a one-liter bottle of Rupchanda soybean oil was priced at 167 TAKA, two liters at 334 TAKA, and five liters at 818 TAKA. However, most stores are now charging 25-30 TAKA more than these prices, with the current rate reaching 195 TAKA per liter.