Home Bangladesh 3-oil market manipulators
summoned by regulator
Bangladesh - March 28, 2022

3-oil market manipulators
summoned by regulator

Bangladesh Edible Oil, TK Group, S Alam Group

Staff Correspondent: Three edible oil gamblers have been summoned by the National Consumer Rights Protection Department yesterday due to gross violation of government instructions for stabilization of oil market. These three companies were involved in manipulation of the market.
Although there is no shortage of edible oil imports, the National Consumer Rights Protection Department has started inspecting the refineries’ factories following allegations that the company’s manipulation has created an artificial soybean oil crisis in the market. Initially, it found evidence of negligence of three companies. Those companies have been summoned to provide appropriate explanations.
According to the company, Bangladesh Edible Oil Limited and TK Group, among the accused companies, cut off the supply of emergency oil. In addition, S Alam Group has closed its refinery and bottling branches and marketed oil at higher prices.
Manjur Mohammad Shahriar, director of the consumer department, told Daily Industry that inspections at the refinery mills have been going on since March 10 to find out the cause of the oil crisis. Most of these refineries have been visited by the Consumer Affairs team. Meanwhile, negligence of these companies has been found.
“That’s why we called these companies,” he said. They have to give appropriate explanation in this regard. Otherwise, legal action will be taken.
According to Consumer Affairs Department sources, the Bangladesh Edible Oil Factory in Narayanganj district was inspected on March 26. At the time, the company saw a sharp drop in edible oil supplies in March compared to February. In other words, the company did not supply oil properly in the market. The company supplied 14,036 tonnes of oil in February but only 8,263 tonnes in March. TK Group has done similar work.
An inspection of the company’s Narayanganj factory showed that their supply in February was 26,381 tonnes, down from 21,919 tonnes in the following month.
On the other hand, on March 13, several irregularities were found in the factory of S Alam Group in Moizjartek area of Karnafuli police station in Chittagong metropolis. There was no mention of product name, expiration and price per drum on the oil drum. Also, the oil refinery and bottling section was closed.
Besides, the maximum retail price of Tk 735 was printed on a five-liter bottle. Which is more than the price fixed by the government.
Then yesterday (March 26) the Consumer Department visited the factory again. At that time the oil refinery and bottling section was opened and the MRP was mentioned in the price fixed by the government in the packaging bottle but the instruction to mention the single price in the supplied SO was not followed. Evidence is found that the SO was handed over. Which is illegal.
As a result, consumer rights have been directed to appear on March 30 to explain these irregularities in the three companies, said Manzoor Mohammad Shahriar. However, no statement has been received from any company in this regard yet.

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