Traders hike soybean oil prices by Tk 8

Traders have raised soybean oil prices by Tk 8 a litre, a day after Commerce Minister Tipu Munshi said edible oil prices would remain unchanged until February 6.

The producers raised bottled soybean oil prices per litre from Tk 160 to Tk 165. Besides, retailers were selling it at Tk 165-168 in some areas of the capital.

Commerce ministry officials claimed that the producers increased it on their own and that the ministry did not favour raising prices.

“They (edible oil producers) applied to increase soybean oil prices, arguing that prices had risen in the international market. But at the same time, they increased prices by Tk 8 before our confirmation,” AHM Shafiquzzaman, Additional Secretary (IIT) of the commerce ministry, told The Business Post.

He said, “On January 19, the commerce minister held a meeting with their representatives and decided that there would be no price change before February 6. So, the ministry would not give permission to increase edible oil prices.”

On the other hand, edible oil producers claimed that the ministry allowed them to increase prices.

“We are selling per litre bottled soybean oil at Tk 168 since January 8 due to price hike in the international market. Besides, we applied to the commerce ministry to allow it and the minister requested us to give a discount of Tk 3 from Tk 168,” Biswajit Saha, executive director of City Group, told The Business Post.

He said, “The minister said that he will take 15 more days to make a further decision. We honoured his request and are giving a discount of Tk 3,” he added.

Retail market situation

The unbottled soybean oil retail prices were Tk 150 to Tk 155 in the capital’s markets, up from Tk 145 to Tk 148 within a week.

Md Kashem, owner of Kashem General Store at Tejgaon, said, “Currently, a litre of Rupchanda soyabean oil is being sold at Tk 168 which was Tk 160 last week. Besides, per litre Bashundhara soybean oil is being sold at Tk 160 and per litre Pusti soybean oil at Tk 160.”

“The five-litre bottles of Bashundhara soyabean oil are being sold at Tk 760, which was Tk 720 to Tk 730 a few days ago,” he added. 

Arafat Hossain, a consumer at Karwan Bazar, said, “The price of essential commodities has risen much higher compared to the previous time. The government should strictly monitor the market to reduce the price hike of edible oil.”

Many consumers expressed anger, saying price hikes of essential items made their lives difficult.