Commerce Advisor Sheikh Bashiruddin stated unequivocally on Wednesday (December 3) that the process by which traders have raised the price of edible oil has no legal basis. Speaking to journalists at the Secretariat, the advisor expressed surprise, saying the government was completely unaware of the price increase until just half an hour before the announcement. "The government knew nothing about the oil price hike. We came to know about it half an hour ago," he said, adding, "The companies collectively carried out this action (edible oil price increase). This collective action is in no way acceptable."

When asked about the next steps, he said they would discuss and finalize the course of action, reiterating that the price hike lacks any legal ground. The advisor pointed out the sheer irrationality of the move: "Yesterday, we approved a proposal for TCB to purchase oil—50 lakh liters of soybean oil, one crore liters of rice bran oil. They (the edible oil traders) gave us the oil at almost 20 taka less than the price they are selling at in the market today. So, I find no logical reason for them to sell oil at 20 taka higher price in the market."Responding to a question about whether the government lacks control over traders, he replied, "Whether there is control or not, you will know through our actions, there certainly is." He confirmed that visible, legal, and punitive measures would be taken if the law has been violated. However, he also expressed willingness to discuss the matter if traders could present any logical justification for the increase, stating, "We want to keep the supply chain dynamic; we do not want to disrupt the supply chain." Regarding preparations for Ramadan, he assured that the supply would not be hampered, noting that the volume of Letters of Credit (LCs) opened for imports exceeds that of the previous year.