Tk10 soybean oil price cut not seen on store shelf

Even though the government reduced the price of soybean oil by Tk10 per litre and palm oil by Tk2 per litre three days ago, consumers have yet to get any relief as traders have not reduced prices as of Friday.

As per newly set prices, the bottled soybean oil has dropped by Tk10 per litre to Tk179 and loose soybean oil has dropped by Tk8 to Tk159 per litre.

But the benefit of such measures was not evident at the capital's kitchen markets, including at Karwan Bazar on Friday.

On a visit to Karwan Bazar, The Business Standard found that a litre of bottled soybean oil was sold for the previous price of Tk189 and loose soybean oil is Tk165-170.

A five-litre container was selling for Tk900-Tk910 depending on the kitchen markets.

According to the reduced rates, a five-litre bottle of soybean oil will cost Tk873, down by Tk43 from the previous price which is expected to be in effect from the next day.

Traders said the soybean oil marked with new prices has not yet reached them. So, they are selling oil they bought at the previous price.

Babul Baroi, the owner of the Rakib Store in Mirpur's Shewrapara area, said still new priced oil did not come into the market. As we bought oil at an extra price we are selling those at the previous price.

"We will sell at a new price only when the companies release the oil in the market at the new price."

If the price increases, the new price will be effective immediately, but if it is decreased there is an obvious delay in the implementation.  

When queried about the delayed implementation of the price reduction, he said, "We have no role in this regard. Oil companies' role is key to raise or lower prices. We sell according to the tagged price."

Besides, the price of green chilli has also increased compared to last week. Even the price increased by Tk50-70 from a day ago. It was sold at Tk220-250 per kg till Thursday, it was selling at Tk280-320 per kg on Friday.

In this regard, Salam, a vegetable seller at Rajabazar, said "Green chilli supply was low on Friday. If the supply is low, the price goes up," he added.

Moreover, the price of tomatoes has also increased by Tk40 per kg which was Tk240 on Thursday. Despite a sufficient import, the onion was sold at Tk60-80 per kg.

However, the price of other vegetables is roughly as high as before. Except for eggplant at Tk100 and bitter gourd at Tk120, other vegetables are available between Tk40-80.

Besides, the prices of chicken and eggs have not increased since last week. Broiler chickens were sold at Tk200-220 per kg on Friday, while Sonalika chickens were sold at Tk300-330 per kg. Every dozen farm eggs were selling at Tk135-140.

Besides, the price of ginger was sold at Tk300 on Friday, which is lower than the previous week.