Soybean oil vanishes from stores ahead of Eid
Beef, mutton and broiler chicken prices jump
Just a day ahead of Eid-ul-Fitr, bottled soybean oils of all brands have nearly vanished from store shelves across the country.
Consumers are also dealing with a price hike for beef, mutton and broiler chicken as of Monday (2 May).
Edible oil prices have been rising in the international market since Indonesia banned palm oil exports two weeks ago.
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Soybean oil was being sold at a higher price in the market than that fixed by the government.
There has been an acute shortage of all kinds of bottled soybean oils in the market and in local grocery stores since Monday morning. Shopkeepers said there is no supply of soybean oil.
Whereas, last week, AHM Shafiquzzaman, director general of the Directorate of National Consumer Rights Protection, told The Business Standard that the country's edible oil reserves could meet the demand for the next two months.
Bottled soybean oil was unavailable Sunday in Moghbazar and South Banasree outlets of the super shops Shwapno and Agora.
Buyers are forced to buy mustard oil and rice bran oil and those who are willing to spend more are returning home with sunflower or olive oil.
Citigroup Director Biswajit Saha told The Business Standard last Tuesday that the government had fixed the import price of soybean at $1,400 per tonne. "But it's being sold for $2030 in the international market. Though there is no crisis of edible oil in the market, buyers have to pay higher prices."
According to Commerce Ministry officials, edible oil mills are constantly pushing for higher oil prices. On the one hand, the mills have reduced the supply due to the possibility of an increase in the price of edible oil after Eid.
Meat price hike
Broiler chicken sold at Tk180 per kg at Meradia Bazar in the capital on Sunday, which went up to Tk190 in the same shop a day later. The shopkeeper did not comment when asked about the reason for the price increase of Tk10 in one day.
Before Ramadan, five super shops in the market sold beef at Tk650 per kg, which went up to Tk700 ahead of Eid.
A local shopkeeper said that they had no other choice but to increase the prices to meet their own expenses rising because of Eid.
Banasree Shwapno outlet was selling "premium" beef for Tk720 per kg.
On Monday, a shopkeeper said the price of mutton is Tk950 and was determined against any sort of bargaining. Whereas, before Ramadan, mutton was sold in local stores for Tk800-850.
