Soybean oil supply yet to normalise in retail market

Despite the fact that soybean oil is now being sold at a government-set price, the market supply has yet to return to normal.

Grocery store owners claim that dealers are not providing them with enough soybean oil. However, they hoped that the market supply would improve in a few days.

Humayun, the owner of a wholesale shop at Krishi market in Mohammadpur, told The Business Post that he was not getting enough oil.

The store has a daily demand of between 8 to 10 cartons. Each carton can contain either 4 pieces of 5-litre bottles, 9 pieces of 2-litre bottles, or 16 pieces of 1-litre bottles. However, he only received two or three boxes of Teer and Bashundhara soybean oil every day.

He sells soybean oil in 5-litre bottles for Tk 980-985, two-litre bottles for Tk 390-395, and 1-litre bottles for Tk 196-198.

Soybean oil has not been available in the market since the day before Eid. Many have returned home without oil. This issue was later the talk of the country.

Commerce Minister Tipu Munshi on Monday told the reporter that trusting edible oil traders was a mistake. They have failed to keep their words.

He said: “We accept our failure because the traders did not pay heed to our words and broke their commitment to keeping the price at a reasonable price for 7 days during Ramadan. I have told all our organizations to sell the oil at a fixed price.”

“No instances of oil syndication were found in the market. However, the retailers and dealers have taken the opportunity. But, we will not let anyone take advantage,”  he added.

Md Sharif, the owner of a wholesale shop at the Shantinagar Kitchen market, said he had got some 5-litre Teer oil bottles at Tk 980. But he did not get oil from other companies like Bashundhara, and Rupchanda.

While most shops in Karwan Bazaar were closed on Tuesday due to the weekly market holiday, one or two remained open but were short on edible oil.

Md Jahangir, the owner of Nur Jahan store, who had only one 5-litre bottle of soybean oil, said: “If you want to buy this bottle, the price will be Tk 985.”

Another store clerk Jasim Uddin said he was selling loose soybean oil at Tk 210 per kg while a litre will cost Tk 190.