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To overcome the soybean crisis, the government increased the price of edible oil and set a new price at the beginning of this month. Although it was expected that the crisis would be resolved after the price increase, it did not. On the contrary, it has become more unstable. Soybean oil has suddenly disappeared from various markets in the country. Especially, since there is no supply of one and two-liter bottles.
General buyers complain that some unscrupulous traders are cutting bottled oil, filling it in drums, and selling it at the price of open crude, which is making them pay more than the fixed price. They have demanded effective steps from the government to ensure proper supply and bring transparency to the oil market.
Retail traders of edible oil complain that importers in Chaktai Khatunganj, the country's largest consumer goods market, have reduced the supply of edible oil by syndicating. They are not supplying even half of the demand. As a result, an artificial oil crisis is being created in the retail market and instability has arisen. This is mainly due to, prices increasing at a rapid pace. Bottled soybean oil is being sold at Tk 190 per liter in the alleys and Tk 175-180 in the big markets of the city. Bottled two liters are being sold at Tk 360, three liters at Tk 530, and five liters at Tk 860.
At the beginning of this month, the government increased the price of edible oil and fixed new prices. According to the new price fixed by the government, bottled soybean oil will now be sold at Tk 175 per liter, which was previously Tk 167. The price of raw soybean and palm oil has increased from Tk 149 to Tk 157. The price of bottled five liters of soybean oil has been fixed at Tk 860, which was previously Tk 818. Even after the price increase, the edible oil market has not returned to normal.
Zakir Mia, a grocer from Sariakandi, Bogra, said, "Even after the price increase of edible oil, they have not received new supplies from dealers. Since the price increase, no dealer is taking orders. Earlier, those who used to come to the shop and take orders. They are not coming either. They are not taking orders. For now, we are selling the precious oils. Due to inadequate supply, bottled oil is decreasing in the market. Most shops do not have oil.’
Importers say that the government has reduced customs duties and taxes in two phases, but the benefits are not being seen. On the contrary, the prices have increased further. The edible oil market is unstable for several reasons. The country’s dollar crisis is still ongoing. Importers are not importing edible oil as before. The price of edible oil in the world market has also increased more than before. For these reasons, the price of edible oil is on the rise. In the history of the country, the price of palm oil has not increased like this. Mainly due to the production crisis in Indonesia and the 5 percent increase in the use of palm oil in biodiesel, the booking of the product in the international market has increased to a record amount. For these reasons, the edible oil market is not stabilizing.
Helal Uddin Arman, an edible oil wholesaler from Khatunganj, Chittagong, said, ‘Even after the price increase, the situation of edible oil has not normalized. "It takes some time for the oil to reach the market from the mill through refining and dealers. But there is no longer any disruption in supply. The situation will be normal soon."
Source: Online/OFA
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