Edible oil market to stabilise in 7-10 days: Commerce adviser
He also assured that there is no scope of instability in the prices of chickpeas, peas, dates, lentils and sugar ahead of Ramadan
The country's edible oil market will be stable within seven to 10 days, Commerce Adviser Sk Bashir Uddin said today (12 February).
Speaking at a programme at the Secretariat in Dhaka, the adviser also assured that there is no scope for instability in the prices of chickpeas, peas, dates, lentils and sugar ahead of Ramadan as there is no crisis of these products.
The edible oil market is currently experiencing a shortage with bottled oil reportedly unavailable in numerous stores, and those that have it are selling it at inflated prices.
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Some retailers are also allegedly making the purchase of other items a condition for buying soybean oil.
On 9 February, the Bangladesh Trade and Tariff Commission (BTTC) assured that there is no actual shortage of edible oil in the market.
The regulatory body attributed the unavailability of bottled soybean oil to both artificial and actual information shortages.
The BTTC confirmed a 35% increase in edible oil imports, with Letters of Credit (LCs) also rising. The commission also stated that the supply of bottled soybean oil has increased by nearly 25% in January this year, compared to the same month in 2024.
The remarks came in a special meeting between BTTC Chairman Moinul Khan and traders to discuss the overall supply situation. The meeting included representatives from leading edible oil-producing companies.
According to field-level traders, stockpiling and selling open oil in bottles for profit may fuel the shortage. They also expressed concerns over informal trade in neighbouring countries.
