Edible oil prices slightly go up again
The hikes have also been reflected in the regular reporting of the Trading Corporation of Bangladesh
Prices of edible oil in different retail and wholesale markets across the country, including those in the capital, increased slightly in just a week.
Visiting several capital markets on Monday, a litre of non-bottled soybean oil was found selling at Tk150-158 on average, against government-set Tk143, and bottled oil at up to Tk170 against Tk160.
The prices were Tk3-5 lower the previous week. The hikes have also been reflected in the regular reporting of the Trading Corporation of Bangladesh.
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During the visit, no loose soybean oil was found selling in the Segunbagicha area. The traders there were selling palm oil at Tk170 per litre. Chain super shop Agora, near the area, was seen selling one-litre polyethene packed soybean oil at Tk165, though it was selling two and five-litre oil in bottles.
In Karwan Bazar, non-bottled soybean was selling at Tk165-170 per litre on the day.
When asked about the hikes, a wholesaler Md Badsha, at the popular wholesale hub, told The Business Standard that the supply of edible oil decreased substantially, which ultimately increased the prices.
"Earlier, we received the exact amount of edible oil that we ordered. It was more than a tonne per day. Now, it has reduced to one-tenth," Mohammad Ali Bhutto, another wholesaler at the Moulvibazar Wholesale Market in the old parts of the capital, said.
"The companies supplying edible oil caused the crisis," he added.
However, officials of leading oil companies, talking to TBS, said they increased the supply of edible oil in recent times following the directives of the Ministry of Commerce.
The ministry, in a recent circular, said anyone could buy edible oil directly from the mills.
Following the government order, many of the oil companies stopped supplying oil through small shops, mainly based on the capital's Moulvibazar and Chattogram's Khatungonj. Instead, they increased supply through their dealers, officials said.
"We strengthened our dealers and scaled up the supply. Now, there is no shortage of edible oil in the market," said Md Shafiul Ather Taslim, director (finance and operations) of TK Group, one of the five leading oil marketers in the country.
Some traders at Moulvibazar and Khatungonj were spreading the "rumour of oil shortage", which is "completely false", he told The Business Standard.
