Refiners raise soybean oil prices further

Edible oil refiners released bottled soybean oil in the local market with new price tags though the government recently rejected their hike proposal.

At kitchen markets, including Karwan Bazar, Mirpur, Mohakhali, Shantinagar and Tejgaon, The Business Post found that edible oil prices increased further on Monday compared to last week. 

Traders are selling five-litre bottles for Tk 800, which was Tk 760 a week ago. Besides, retailers were selling one-litre bottles of soybean oil at Tk 168, which was Tk 160 in parts of the capital.

Biswajit Saha, director for corporate and regulatory affairs of City Group, said, “The price will be raised after February 6. Per litre bottled soybean oil will cost Tk 168 then.”

He refused to comment when his attention was drawn to the current oil prices. 

Musharraf Hossain Polash, a salesperson at Enam Store in Tejgaon, said, “We have new bottled oil including Rupchanda, Teer and Actifit. Their prices are higher than last week. Currently, a five-litre Rupchanda soyabean oil costs Tk 800 and one-litre bottle Tk 168.”

Mohammad Jahangir Alam, proprietor of M/S Shahabuddin Store at Shantinagar, said, “Prices of all branded five-litre bottles have been fixed at Tk 800. As a wholesaler, we are selling five-litre bottled soyabean oil for Tk 770, which previously cost Tk 750.”

He said imported five-litre bottles of Olitalia Sunflower oil are sold at Tk 1,480 in the wholesale market, which was Tk 1,450 a week ago. But the bottles had price tags of Tk 1,680. 

AHM Shafiquzzaman, additional secretary of the commerce ministry, said, “We have not increased edible oil prices. We will fix the new price after February 6. Our monitoring team is observing the market regularly.”

“We had requested traders not to raise soyabean oil prices,” he added.

Currently, few traders sell five-litre bottled soyabean oil for Tk 760.  

The uncontrolled price hikes have made the lives of the general people hard. Md Samim, a customer at Mirpur-1, said that edible oil prices were going up but the income remained the same. “I can hardly afford essential commodities now,” he said.

Like Samim, many other customers expressed frustration over the soyabean oil price hike.   

On January 19, Commerce Minister Tipu Munshi told reporters that the ministry would assess whether there is any reason for the price hike and decide on the matter after 15 days. Tipu said that a decision would be taken considering the local and global market situation. 

Earlier in January, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association proposed increasing the maximum retail price of edible oil by Tk 8 to Tk 168 per litre.

On October 19, 2021, the price of bottled soybean oil was set at Tk 160, with an increase of Tk 7 per litre.