'Retailers violating oil price ceiling to be punished'

The government yesterday decided to take punitive action against retailers who would sell edible oil at prices higher than the previously fixed price.

The decision came from a Commerce Ministry meeting where the supply, stock and market prices of different commodities were discussed.

Chaired by Commerce Minister Amir Khasru Mahmood Chowdhury, the meeting observed that the price of soybean oil was less than the previous price in the wholesale market and mill gate but the item was being sold in the market between Tk 50 and 52 instead of Tk 48.

It decided to hold meetings with wholesalers of different markets within this week to keep the retail prices of essentials stable and stressed on strengthening monitoring activities to look into the price situation.

The meeting was informed that prices of few items temporarily shot up due to unfavourable weather condition and price hike of fuel. It said the prices of these items would go down after as weather improves.

State Minister for Commerce Mohammad Barkat Ulla Bulu, Commerce Secretary Soheil Ahmed, Executive Chairman of Board of Investment Mahmudur Rahman, TCB Chairman AKMAB Siddique and President of Refineries Association MA Rouf attended the meeting.