Economic Reporter :
Bangladesh – with the recent price drop in the global market – had readjusted the local rates for edible oil, but markets across the country are yet to reflect the reduced rates. Traders claim to have no alternatives as dealers are still peddling soybean oil labeled with higher prices.
On a spot visit to several kitchen markets in Dhaka, this reporter further found that traders are charging whatever they please for loose soybean oil. Onion prices however have dropped slightly due to imports of the kitchen ingredient.
Despite oncoming imports, the rice market is yet to cool down. Traders are still selling rice at increased prices similar to last week.
On Thursday, kitchen market traders in the capital’s Segunbagicha, Malibagh and Mugda areas were selling a one litre bottle of soybean oil at the previous price of Tk 199 – Tk 205, and each two-litre bottle for Tk 395 – Tk 398.
The commerce ministry – after a discussion with the millers – dropped bottled soybean oil price by Tk 14 to Tk 185 on July 18.
Commenting on prices, trader Mostafizur Rahman of Allah’r Daan store in Segunbagicha said, “Today (on Thursday), I asked the dealer of a brand to provide me with edible oil bottles with new prices. But they gave bottles featuring previous pricing.
“These companies are still not delivering edible oil with new pricing in the local markets. As a result, we are unable to sell this kitchen ingredient at the new price to consumers.”
This correspondent
witnessed even more irregularities in the sales of loose edible oil in Dhaka’s kitchen markets. Moin Store – a shop in Segunbagicha – was selling this item for Tk 195 per litre, while another shop nearby was selling it for Tk 167 per litre.
According to the recently readjusted prices, a trader must sell loose soybean oil for a maximum price of Tk 166 per litre.
The commerce ministry had dropped super palm oil prices by Tk 6 to Tk 152 per litre on July 18. However, Dhaka’s kitchen market traders were selling the item for Tk 157 – Tk 160 per litre on Thursday.
Data from the TCB shows that on Thursday loose soybean oil was sold in the city for Tk 166 – Tk 175 per litre, and bottled soybean oil for Tk 190 – Tk 195 per litre. Besides, loose palm oil was being sold for Tk 160 – Tk 165 per litre,
The prices of lentil, flour and sugar remain the same compared to rates recorded a week ago.
Onion prices drop by Tk 5 per kg.
After onion imports resumed after a long pause, the price of this kitchen ingredient dropped by Tk 5 within a week. Traders in the capital’s kitchen markets sold good quality local onions for Tk 45 per kg on Thursday, a drop from Tk 50 per kg recorded a week ago.
Imported onions were being sold for Tk 40 per kg. Traders say the onion prices would have dropped even further, but the high supply cost of this kitchen ingredient in the local market prevented this possibility.
Bangladesh resumed onion imports from India through the Hili Land Port in Dinajpur on July 6, just before the Eid-ul-Azha.
