The New Nation - Internet Edition

What remains of sanctity of contracts and that too contracted at the highest level of the government, if the same can be ignored? Only four days ago, a tripartite meeting between the Commerce Adviser, refiners of soybean oil and the wholesalers, arrived at what can be called a negotiated price of the oil at the retail level. It was agreed in the meeting that after adjusting for all short and medium term factors affecting soybean oil price, the three parties at the meeting had decided that its per litre price at the retailer level must not be above Taka 106.50. In other words, the price was fixed and it should become binding on the retailers.

All these factors were deliberated and taken into consideration before declaring the minimum price. But only two days after the declaration, the retailers are found ignoring it. According to newspaper reports, one litre of soybean sold for Taka 110 on average in the city’s markets on Tuesday in a flagrant violation of the fixed price. The interests of consumers, the prestige and the authority of the government are at stake. The fixation of soybean oil price can be taken as a test case by the government under the new Commerce Adviser. It is perhaps, necessary for the adviser and the government to be unyielding on this issue.

They must not hold back from taking tough measures to enforce the sale of oil only at the fixed price by the retailers. By doing this, they will send the message that business operators must keep their commitments and always function within certain norms. Failure to act now decisively, will only make the process of price control of some essential consumer goods more difficult. There gaps, if any, in the law in moving hard and fast against unethical business activities must also be bridged at the soonest.