Business Desk :
Cooking oil prices have declined by at least Tk 15 in Dhaka after the government threatened to crack down on any rogue trader found to be manipulating the daily commodity market.
However, the prices still remain above the rates fixed by the government after a steep rise in the last fortnight.
On Friday, super palm oil was being sold for Tk 160 per kg and Tk 145 a litre in parts of the capital, including Mirpur, Barabagh and Pirerbagh. Meanwhile, traders were charging Tk 170 for a litre of soybean oil.
‘Shaheen’, a grocer in Pirerbagh, says a decline in wholesale prices of edible oil has allowed retailers to lower their rates as well.
“The prices were much higher even as recently as Monday. Soybean oil cost around Tk 190-195 a litre. The price of palm oil rose to Tk 170. But wholesale prices have dropped in recent days and so we have been able to reduce the prices at our end.”
After analysing import costs and the state of the local market, the government decided to set a higher price ceiling by hiking the rate of soybean oil on Feb 6. Bottled soybean oil was priced at Tk 18 per litre, while the rate for loose soybean oil was Tk 143. And the price of palm super oil was fixed at Tk 133 per litre.
But a syndicate of traders created instability in the market, which sent the prices of loose soybean oil soaring by up to Tk 50 a litre. Some traders sought to capitalise on the situation by pouring out soybean oil from bottles and selling them in the loose form.
In the circumstances, the government has decided to sell the product in bottles in an effort to curb the sales of unpacked soybean oil.
The authorities on Thursday also announced that the 20 percent VAT on soybean oil would be waived. The implementation of the directive could take another Tk 30 off the price, according to stakeholders.
The Directorate of National Consumer Rights Protection launched a campaign on Friday to ensure that traders keep the actual receipts of the goods they bought in order to fair prices and curb manipulation.
