BCC sues 8 edible oil refiners for unfair price hike
Bangladesh Competition Commission (BCC) has filed a case against eight edible oil refining companies accusing them of ill motive in hiking price of edible oil, reports UNB.
The commission filed the case on Wednesday in the national interest under sections 15 and 15 (2) of the Competition Commission Act, it said.
BCC sources said that under Section 15 (2) (b) of the Competition Commission Act, the eight companies have been charged with restricting or controlling the production, supply, market, technical development, investment or provision of services.
The Article 15 of the Commission Act states, "No one shall be involved in ill motive directly or indirectly in any contract or instrumentation of production, supply, distribution, warehousing or acquisition of goods or services. By doing so, the commission will be able to take legal action against them in case of adverse effects on the market, monopoly or oligopoly."
The eight companies are: City Edible Oil Limited, Bangladesh Edible Oil Limited (BEOL), Meghna and United Edible Oil Refinery Limited, Bashundhara Oil Refinery Mill, Shabnam Vegetable Oil, Prime Edible Oil Limited and Globe Edible Oil Limited.