A SUDDEN increase in prices of edible oil points to market manipulation by business cartels. Against the set prices, Tk 176 a litre for loose and Tk 195 for bottled soya bean oil, retailers continue to sell for inflated rates, with loose oil for as high as Tk 195 and bottled oil for as high as Tk 210. There is also a shortage of one- and two-litre bottles. Similar discrepancies persist in the case of palm oil. They are not isolated irregularities but symptomatic of a broad malaise marked by weak enforcement, regulatory inertia and entrenched market syndicates. Over the past month, prices of several essential goods have either increased or remained stubbornly high, putting a heavy burden on households already struggling with inflation. For an example, prices of chicken increased abruptly during Eid-ul-Fitr and have remained high since then. What is particularly alarming is that such blatant violations occur in plain sight, highlighting the absence of effective, round-the-clock market oversight. The Consumers Association of Bangladesh rightly says that such market manipulation is a violation of consumer’s fundamental rights and when essential goods become tools for profiteering, the state’s failure to intervene decisively amounts to complicity in the erosion of public welfare.
The findings from recent mobile court drives in different parts lend further weight to the concerns. A mobile court seized more than 43,000 litres of hoarded edible oil in Jashore while another mobile court discovered a network of 11 warehouses concealing stock in Sirajganj on April 8. Special drives by the border guards have also recovered a huge volume of hoarded edible oil. All this shows the scale and organisation of the illicit operations. Traders are not only hoarding oil to create artificial shortage but also engaging in coercive practices such as conditional sales, forcing retailers to buy unrelated goods to access oil supplies. Such tactics are nothing short of organised fraud, designed to distort supply chains and inflate profits at consumer’s cost. The sporadic drives, while commendable, fall short of a sustained deterrent. The persistence of such practices indicates that enforcement remains reactive rather than proactive. The lack of continuous oversight, moreover, allows syndicates to regroup and resume operation with little fear of lasting consequences. Without dismantling such networks and holding perpetrators accountable through stringent legal action, the cycle of artificial scarcity and price manipulation will continue apace.
The government must, therefore, adopt a zero-tolerance approach to market manipulation. Immediate and strict enforcement of set prices for edible oil is essential alongside the establishment of round-the-clock monitoring mechanisms across wholesale and retail markets. The authorities must identify and dismantle syndicates operating within the supply chain, ensuring exemplary punishment matching the gravity of the offences.
