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The Bangladesh Competition Commission filed cases against eight edible oil companies on Wednesday for manipulating the key cooking ingredient’s local production and supply.
The companies are: City Edible Oil Limited (Teer), Bangladesh Edible Oil Limited (Rupchanda), Meghna and United Edible Oils Refinery Limited (Fresh), Bashundhara Oil Refinery Mill (Bashundhara), Shabnam Vegetable Oil Industries Limited (Pusti), S Alam Super Edible Oil Company Limited (S Alam), Prime Edible Oil Limited (Prime) and Globe Edible Oil Limited (Royal Chef).
The commission also served notices to the companies asking them to participate in the hearing of their cases.
The commission filed the cases after an independent investigation to ensure a competitive market.
The commission has the jurisdiction to sue the companies, an official of the commission told The Daily Star on condition of anonymity.
“The preliminary inquiry will hear the discrepancies found against the companies,” he said.
The official went on to say that the commission’s own investigating team monitored the market and found that the allegations raised against the eight companies are primarily true.
The commission in a meeting on May 10 reviewed the report of the investigating team and took the decision to file cases, he added.
The Daily Star tried to reach one of the eight companies.
In response, Mohammad Dabirul Islam Didar, head of finance and accounts at Bangladesh Edible Oil Limited, said: “We will present our position to the commission on the day of the hearing. At present, we are doing our best to normalise the supply of oil in the market.”
The competition commission’s move comes more than a month after the Directorate of National Consumer Rights Protection found that the edible oil refiners and importers reduced supply in the market in March to fuel prices through an artificial shortage to make windfall profits.
(TDS)
