SOYA bean oil prices have registered another round of increase, meaning not only economic pressure on households but also the continued dominance of a powerful industrial syndicate over the market. The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers鈥� Association has increased the price of a one-litre bottle to Tk 195, barely three weeks after the last increase set at Tk 190. What is troubling is that while the association says that the increase was aligned with government approval and international trends, commerce ministry officials deny having approved the increase. This exposes a stark contradiction between the association鈥檚 claims and the government鈥檚 position. This practice is far from new. The oil millers鈥� association has repeatedly engineered artificial supply shortage to force the government to comply with the level it inflates prices. Claiming that announcement on price increase is official, the association not only misleads the public but also erodes confidence in regulatory agencies tasked with protecting consumer interests. Prices of larger bottles and loose oil have similarly increased. The persistent reliance on imported edible oils makes the market even more volatile, allowing syndicates to exploit global fluctuation and disregard consumer interests.
The latest price surge exposes the persistent manipulative tactics of the oil millers鈥� association. The association has created artificial shortage and exaggerated the supply gap to make it a case for government approval. The association has issued a release claiming that the commerce ministry has approved the prices whereas officials publicly deny having given any such approval. This misrepresentation not only misleads the public but also undermines trust in agencies responsible for market oversight. The Trading Corporation of Bangladesh, tasked with monitoring supply and pricing, appears largely constrained by consultations dominated by industry representatives, leaving consumer interests largely unrepresented. The consequence is a recurrent pattern of arbitrary and sudden price increases, which affect ordinary households. Moreover, millers and retailers, who never misses a chance to up the prices when there is an increase in prices in international market, hardly decreases the prices when they go down in the international market. Effective remedy requires an immediate reform. Transparent pricing mechanism, clear legal accountability for market distortion and the inclusion of consumer advocates and independent analysts in all decision-making processes are warranted. Without such measures, regulatory authorities will remain subverted, leaving the public exposed to economic hardship and strategic misinformation.
The government should act decisively to reclaim control of the edible oil market. Transparent pricing mechanism, rigorous oversight of supply chains and strict legal accountability for syndicate manipulation are urgently needed. Consumer representation should be mandated in all assessments and any false claims of official approval must be dealt with swift sanctions. Ordinary households will, otherwise, continue to bear the brunt of industrial collusion and the credibility of regulatory institutions will remain at risk.
