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Bangladesh - May 9, 2022

Traders identified those creating oil crisis: Tipu

Staff Correspondent: Those who have created crisis in the country with edible oil have been identified. Commerce Minister Tipu Munshi said the information of these traders would be released. He made the remarks at a press briefing yesterday in the meeting room of the Commerce Ministry at the Secretariat.
Asked whether oil prices would rise in the future, the commerce minister said, “We will monitor the international market.” I will consider everything by looking at the surrounding countries. I will try to reduce the price as much as possible.
He said the price of oil is determined by the price at which the LC clears from Chittagong port. Today it is Tk 250 but the price is not being determined. If I had fixed today’s price, then yesterday the price of oil was $1950 per ton.
Praising the National Department of Consumer Rights, the Minister said, “Consumer rights are helping us.” It is difficult to reach so many thousands of traders. Wherever possible we are trying.
Asked what action would be taken against the traders who created the oil crisis, the commerce minister said it had done so at the retail level. Our consumer rights are suing wherever they find such incidents. We have told the association that they should also take action. Mill owners also have to do monitoring. In some places there are such dealers who can cancel their dealership. Legally where necessary action is being taken.
Mentioning that the traders did not keep their word about edible oil, Tipu Munshi said, “I told you not to increase the price ahead of Ramadan.” But they did not keep that promise for seven days of Eid. I have told all our organizations to keep the price fixed.
Noting that it was wrong to ask traders not to raise oil prices during Ramadan, the commerce minister said the price should have been raised on the 15th of Ramadan. But as a Muslim I requested please do not increase it.
Tipu Munshi said that the media should know how much the price of oil has gone up in the international market. The minister said that a liter of oil has been fixed in London and it is necessary to know that oil is not available in Germany. If prices rise further, the war will last a long time. It should also be said that if the price goes down again.
At this time Commerce Secretary Tapan Kanti Ghosh, TCB Chairman Brigadier General Ariful Hasan, Citigroup Chairman Fazlur Rahman were present.

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