Ctg Chamber president slams edible oil hoarders

Mahbubul Alam, president of the Chittagong Chamber of Commerce and Industry (CCCI), has reprimanded unscrupulous traders who stockpiled soybean oil before the recent price hike in order to profit in excess.

The government in the past two weeks carried out multiple drives across the country and recovered thousands of litres of soybean oil hoarded by dishonest traders. 

"The image of all businessmen is being tarnished by the wrongdoing of one or two greedy traders," he said at a views-exchange meeting with trade leaders at the World Trade Center in Chattogram's Agrabad area on Monday.

"Around 30% of lentils and wheat are imported from Ukraine and Russia and despite price hikes in the global market, traders are still importing goods at a loss for the sake of the country," the Chamber leader said.   

"The turmoil in the global commodity market is escalating beyond imagination due to the ongoing Russia-Ukraine war, but we want the country to have an uninterrupted supply of imported goods so that the supply chain from importers to retailers remains intact," he said at the meeting.

Mahbubul Alam also requested the presidents and general secretaries of various markets in the port city to fulfill their responsibilities so the government does not need to conduct raids.

"Don't give scope to those who are damaging the market. The government has fixed the price of edible oil and that price list has to be hung in markets," he said.

The supply of edible oil must increase before Eid-ul-Azha. Big and small importers alike, have to ramp up imports, the trade leader added.

Deputy Director of the Directorate of National Consumer Rights Protection, Foyez Ullah, Chamber Directors, Md Ahid Siraj Chowdhury Swapan and Md Jahirul Islam Chowdhury Alamgir, General Secretary of Khatungonj Trade and industry Association, Syed Sagir Ahmed, and other business leaders of various markets and shopping malls were present at the meeting.