Traders broke their promise

TDS: Do you agree that it is a failure of the commerce ministry to rein in the unstable soybean oil market? 

Tipu Munshi: The failure is that we trusted these people [traders] …. We asked them not to increase the prices of edible oil but they did not keep their promises for the last seven days of Ramadan. They hoarded the edible oil. This is where we failed and we take responsibility for that.

TDS: What steps your ministry has taken to stabilise the soybean market in the future? 

Tipu Munshi: We have already asked all the government agencies to take steps to stabilise the market. Traders have assured me that the normalcy in supply will be restored within two or three days. We will resume the sale of edible oil at a lower rate to one crore families from June. The Open Market Sale will resume on May 15 or 16. We will keep on selling it at a lower rate until the price comes down.

TDS: Is the syndicate involved in the soybean oil business bigger than the government? 

Tipu Munshi: There is no sign of syndicate so far. Only retailers and dealers have hoarded and taken the advantage of time. It is not possible to make a syndicate by one lakh, two lakh or five lakh retailers. All businessmen have taken the advantage of time.

Interviewed by Refayet Ullah Mirdha on May 9