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Soybean oil prices have increased again in less than two months. Last Friday (January 31, 2025), the price of soybean oil per liter in the retail market of the capital increased by two to four taka. Chickpeas are another product whose price has increased in a week. And the holy month of Ramadan is starting in just a month. Both of these products are in peak demand during Ramadan. During this time, low-income people will suffer due to the increase in the prices of various daily necessities.
Traders said that the market does not have the supply of soybean oil as per the demand. As a result, the price of the product is high. However, market participants say that if the prices of daily necessities are increased during Ramadan, traders face the wrath of consumers. In addition, several government agencies, including the Ministry of Commerce, strictly monitor the market during this time. As a result, a class of unscrupulous traders are increasing the prices of various products before Ramadan in the greed of higher profits. The government's marketing agency, the Trading Corporation of Bangladesh (TCB), also reported in its report that the prices of soybean oil and chickpeas have increased in a week. According to the organization, yesterday, per liter of unsalted soybean oil was sold in the retail market at 174 to 175 taka, which was sold at 170 to 173 taka a week ago and 163 to 166 taka a month ago. However, the price of bottled soybean oil did not increase. Yesterday, 5-liter bottled soybean was sold at 850 to 852 taka and 2-liter bottled soybean at 345 to 350 taka. Earlier, on December 9, the Ministry of Commerce fixed new prices of edible oil in view of the proposal of mill owners. Accordingly, the price of bottled soybean oil was increased by 8 taka per liter to 167 to 175 taka, the price of unsalted soybean oil was increased from 149 to 157 taka per liter, and the price of unsalted palm oil was increased from 149 to 157 taka per liter.
In addition, the price of five-liter bottled soybean oil was increased from 818 to 860 taka. Several traders in the retail market, on condition of anonymity, said that they are not getting the supply of soybean oil as per the demand. The companies are not supplying the oil properly. They said that if dealers order five cartons of oil, they get one to two cartons. As a result, a kind of crisis has been created in the market.
Md. Ali Bhutto, a trader from Moulvibazar, the largest wholesale market for edible oil in the capital, said in this regard, the supply of soybean oil is not as per the demand in the market. There is some crisis. Millers say that soybeans will arrive in 15-20 days. Then the supply will be normal. He said that the soybean oil market in the international market is stable, even on the decline. But due to the shortage of supply, the price has increased slightly. However, the trader said that the price of palm oil is on the decline. He said that the demand is low because palm oil freezes in winter. It is to be noted that the demand for edible oil in the country is 2.3 to 2.4 million tons every year. Of this, 2.5 million tons of oil is produced in the country. The remaining 20 to 2.1 million tons of edible oil has to be imported. Of this, the demand during Ramadan is 3 to 3.5 lakh tons. Tariff Commission sources say that 10 lakh 95 thousand 525 tons of soybean and palm oil have been imported into the country till January 5 of the current fiscal year. Of this, 3 lakh 84 thousand 80 tons of crude soybean oil and 7 lakh 11 thousand 444 tons of palm oil. However, this amount of soybean and palm oil import is less than the same period of the previous year. The concerned said that another 4 lakh 21 thousand 966 tons of oil import are in the pipeline. This oil will arrive in the time left before the start of Ramadan.
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