Dhaka, July 2 -- Local refiners have sought withdrawal of the existing government intervention in fixing edible oil prices and allow the sector to operate under a market-based pricing mechanism.

According to them, the existing administrative price controls disrupt supply security and discourage investment in the country's edible oil sector.

To protect the interests of both traders and consumers, the Bangladesh Vegetable Oil Refiners' and Vanaspati Manufacturers' Association (BVORVMA) has submitted a five-point comprehensive proposal to the commerce ministry, urging the government to shift the existing pricing framework to an open-market economic model under strict monitoring by the authorities.

According to an official document, a stak...