Loose soybean oil price rises by Tk 5 per litre

Price of non-bottled soybean oil increased by Tk 5 in the retail market as it is now selling at Tk 135 per litre.

Retailers said they were selling non-bottled soybean oil at Tk 130 per litter just two days ago but all of a sudden the price shot up in the wholesale market which forced them to raise the price.

Traders attributed to supply crunch for the price hike but they did not elaborate any reason behind it.

Mohammad Hannan, a grocer at Karwan Bazar said, “We are selling non-bottled soybean oil at Tk 135 for past couple of days as the wholesalers increased the price”.

He said that he did not know the exact reason behind the price hike. “I am selling oil at an increased price as I had to buy it at higher price. The price will reduce if wholesalers bring down the price,” he added.

Hannan also said that price of bottled soybean oil might also go up in the coming days.

Talking with the Business Post, a wholesaler at Kawran Bazar wishing not to be named said, “We

source non-bottled soybean oil from Krishi Market at Mohammadpur with higher price and it forced us to sale the oil to the retailers at a higher price”.

The government had set the retail price of one-litre bottled soybean oil at Tk 153, and a bottle of 5 litre at Tk 728. The price of unpacked soybean oil was set at Tk 129 per litre.

“The government should monitor the price of non-bottled soybean oil as the traders are selling the essential commodities at prices of their will. You cannot to prepare a simple dish without oil. It’s an essential ingredient” said Rehena Begum, a shopper at Karwan Bazar.