Staff Reporter :
Although the price of edible oil has been fixed by the government to keep the oil market stable, it is not being compiled at all. Customers have expressed anger over this irregularity.
Meanwhile, the sellers have also given various excuses about the extra price of edible oil.
Sources said that open soybean oil is being sold at Tk 125 to Tk 128 per liter in different wholesaling markets including Karwan Bazar in the capital city. Which is Tk 10-15 more than the price fixed by the government recently.
Traders say that edible oil has to be sold at a higher price as oil is bought at a pre-determined price earlier. With the based on standard, per liter of edible oil is being sold Tk 5 to 20 more than the government fixed price. However, local traders are also blaming the international market for the rise of edible oil prices.
The unrest of edible oil in the international market has not yet diminished in exporter’s country like Brazil, Indonesia and Malaysia due to the labor crisis for the impact of corona.
Edible oil prices are rampant in the country’s market as booking rates continue to skyrocket. In the last two months, the price of edible oil has increased from Tk 18 to Tk 22 per kg. At present, oil is being sold in the market at a higher price than the price fixed by the ministry.
However, importers say that many traders will lose interest in importing soybeans as the price has been fixed.
According to importers, this will have more impact on supply and market prices.
The prices of all types of edible oils have been rising for the last six months on various pretexts.
Especially since December, the market price has become a kind of uncontrollable. There is not a single day that the price of edible oil has not gone up. And in these two months, the price per Maund has increased from Tk 800 to Tk 1,200.
Zafar Ahmed, Manager of Messrs Abbas Saudagar in Khatunganj, Chittagong, said the price of edible oil has been rising every day since December.
Besides, both wholesalers and retailers of the market said that they do not know why oil prices are rising at such a rate.
Turning to the market, it can be seen that the increase price of oil at the retail level has had the greatest impact than the wholesale price.
At that time price of soybean oil reached in the retail market Tk122 to 124 from Tk 103.
On the other hand, commerce Minister Tipu Munshi said, “Traders and TCB have adequate stocks of all kinds of products including edible oil, sugar, molasses, dates and onions to meet the demand for holy Ramadan.
Even traders have also assured that the prices of consumer goods will be kept at a reasonable level during Ramadan.
It is mentionable that earlier the government has increased the maximum retail prices for soyabean and palm oil with immediate effect to control the soaring trend of prices in the domestic market.
