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Dhaka: Despite the global decline in edible oil prices, Bangladesh's soybean oil market remains controlled by a syndicate, causing financial strain on consumers.
According to the Consumers Association of Bangladesh (CAB), several influential companies are deliberately restricting supply to artificially increase prices.
In a press statement, CAB highlighted that despite government support through tariff reductions and VAT exemptions, a handful of companies continue to manipulate the market, leading to instability.** Global trends indicate a sharp reduction in soybean oil prices, yet local consumers see no relief.
Syndicate's Influence and Market Impact Economic analysts argue that breaking the syndicate's hold is essential for market transparency. Even after the National Board of Revenue (NBR) withdrew a 5% import duty, traders have not increased supply, defying government efforts to stabilize prices.
CAB strongly demands strict legal action against the syndicate, enhanced market monitoring, and transparent competition among traders to ensure fair pricing for consumers.
AI/MR
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