In capital Dhaka, incorporating kitchen markets, provocation prices to rivet, and bringing neutralization among patrons already suffering with persistently high cost escalation because of facing a scarcity of both branded bottled and non-branded unfastened soybean oil.
Encompassing Dhaka, Chattogram, and Barisal, within major cities, merchants and middlemen in numerous markets said last month, after the government discarded refines’ requests to enhance prices, the oil stocks have been attenuated. As the reason for seeking higher prices, local refiners then cited increased import costs.
At this moment, a merchandise for which Bangladesh vigorously relies on imports to meet its annual prerequisite of 24 lakh tonnes, consumers to search from store to store for oil, the provision shortage forces.
In the last year of December, bottles of soybean oil evaporated from local markets. After authorities endorsed prices for the cooking oil circumstances become normal.
From the report of customers, at Karwan Bazar which is one of the largest kitchen markets in the capital , customers only get 25 percent of the bottled of soyabean oil and others said they only get as little as 30 percent of their regular demands.
Until the third week of January, the consumable oil market was secure, which responded to the latest supply shortage.
As reported from the official data, the bottled soybean oil price per liter is now Tk 175 to Tk 176; from the past month, it increased 1 percent. Over the past week, the state-run Trading Corporation of Bangladesh (TCB) reported that the price of loose soybean oil per liter rose nearly 4 percent, reaching Tk 180-Tk 182 yesterday, up from Tk 174-Tk 175 per liter earlier, as per retail price data gathered.
2-liter bottles of soybean oil at retail price, as well as palm oil and rice bran oil, have risen; yesterday a 1-liter bottle of rice bran oil expanded by 6.41 percent to Tk 205-Tk 210.
The price of both palm oil and soybean oil boosted in the quarter of October-December 2024 juxtaposed to the past quarter.
October-December period, the palm oil prices rose 22 percent to $1,145 per tonne, up from $937 per tonne in the past quarter. Likewise, according to World Bank Commodities Price Data, soybean oil prices increased by 10 percent to $1,101 per ton.
On December 9, the authorities allowed refiners to increase prices.To contain cooking oil prices, the interim government reduced value-added tax (VAT) twice, cutting it to 5 percent from 15 percent after taking office in August.
Abdul Hashem, who is an edible oil wholesaler in Moulvibazar, said, After increasing the price, oil supply has been increased. He added that nowadays only 25 percent can get it. Again he said the government should investigate whether the rejection of refiners’ demands this year led to the latest supply reduction.
Rather, they all blame the Consumers Association of Bangladesh (CAB) for creating an artificial market crisis. The Daily Star tried to reach Commerce Adviser Sk Bashir Uddin by phone, but he didn’t respond to any calls or texts.
Source: The Daily Star
