The prices of essential commodities in the market are somewhat under control. The shortage of bottled soybean oil has been ongoing for almost a month. Customers are still having trouble finding the product, frequently visiting multiple stores and paying higher prices. Commerce adviser SK Bashiruddin promised during a press conference at the Secretariat on February 12 that the edible oil market would stabilize within 7 to 10 days. The supply of bottled soybean oil has not yet stabilized. However according to a visit to five different markets today (February 21) including Karwan Bazar and Kallyanpur. This was also confirmed by discussions with customers looking for the oil. Customer Abu Sufian Fahim expressed his annoyance when shopping in Kallyanpur and said that “I looked in ten stores for a five-liter bottle of oil, but I couldn’t find. The bottle’s printed price was Tk350, but I had to make do with a 2 liter bottle that cost Tk400. Sufian further said, “I had no choice but to pay extra. They charged me Tk50 more, and if I don’t pay extra, I won’t get the oil. We are stuck in a dilemma on the other hand prices are high and oil is hardly available.”
Retailers are also under pressure at the moment. Anisur Rahman the proprietor of a grocery store close to Kallyanpur Bus Stand said that “Before Ramadan customers are looking for soybean oil but I can’t provide it. These days, my loyal consumers purchase from any retailer that has inventory. For over a week company representatives have been claiming that bottled oil will arrive “tomorrow” but it never does. We can’t receive the merchandise even if we have the money. The government must act immediately.” Ali Hossain a sales assistant at Yasin General Store “Oil millers have intentionally reduced supply in expectation of price hikes.” “They are saying that there will be no shortage during Ramadan but right now they are holding back supply,” he claimed. A press release from the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association was released last Sunday. They indicating that the market is receiving more edible oil than usual in anticipation of Ramadan. They also promised that during Ramadan, there will be no shortage of oil. Additionally, due insists of supply shortages have unnecessarily alarmed the public, the group advised consumers not to stockpile or panic buy oil.
Source: The Business Standard
