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Traders had raised soybean oil prices by Tk 10 per litre above the government-purchased rate meant for sale through the Trading Corporation of Bangladesh (TCB).

Commerce Adviser Sk Bashir Uddin told journalists that the ministry was not informed about the price hike beforehand. “I learned of the increase only half an hour before it was implemented,” he said.

He noted that the government had recently procured around 50 lakh litres of soybean oil, yet the current retail price is Tk 10 higher than what the government paid. “If we can buy through tender at a lower rate, why is the retail market paying so much more?” he asked.

The adviser said the companies’ actions had no legal basis and that there was “no logical reason” for a Tk 10-per-litre jump in the retail market. “If there is any logical reason for the price hike, we are happy to discuss,” he added, noting that prices had also been raised illogically in the past, but the ministry did not act then.

He promised action after an urgent review with industry stakeholders and warned that the government would take legal measures against the wrongdoers.