Blaming the retailers and dealers, Tipu said there is no chance of syndication of thousands of dealers across the country.
"The government has withdrawn 10 per cent VAT on edible oil on 20 March as per our request. The price of soybean oil was reduced to Tk 10 at that time. We have taken weekly information from big companies. Problem was created as retailers and dealers knew that oil prices will be fixed after Ramadan.
Many businessmen hoarded edible oil before Eid."
The commerce minister also mentioned that the price of edible oil has also been increased by Tk 10-12 in neighboring India.
Expressing his firm commitment to monitoring the edible oil market regularly, he said, the government will not put pressure on the businesses though.
He, however, assured punitive action will be taken against the hoarders.
Tipu said his ministry will provide 10 million families with daily commodities from next June through the Trading Corporation of Bangladesh (TCB).
At the press meet, City Group Chairman Fazlur Rahman said he will extend all kinds of cooperation to the government to keep the prices of edible oil stable.