Loose soybean price rise by Tk 10 per litre

The price of loose soybean oil has increased by Tk 10, despite several tax cuts by the government, owing to a hike in its price in the international market.

It created a sudden imbalance in the country’s edible oil supply chain and the retail market is experiencing supply shortage.

Adding to the hike in loose soybean oil prices, the supply of bottled soybean oil also fell in the market for reasons unknown, retailers said.

Spot visits to retail markets found grocers are selling bottled soybean oil at Tk 165-168 a litre at Rampura, Malibag, Mugda on Sunday against the government-set MRP of Tk 160.

The traders claimed that the refiners and distributors are yet to supply oils with new price tags, and the edible oil stock is limited in the market, forcing them to sell oil at previous prices.

Loose soybean oil was sold at Tk 168-170, which used to be Tk 158-160 per litre a week ago. The price has seen a hike of Tk 10 a litre in seven days, said the Trading Corporation of Bangladesh.

The government fixed MRP of palm oil at Tk 150-152 a litre but it was retailing at Tk 160 per litre.

Only a few retailers are offering edible oil at government-set prices. They alleged that they are facing a supply shortage. Super shops were also seen having very limited supply of oil.

Abul Hashem, general secretary of Bangladesh Wholesale Edible Oil Merchants’ Association, said the market is suffering from supply shortage and the existing stock can hardly meet half of the demand.

“I think the government should intervene and monitor the situation,” Abul Hashem said.