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Edible oil prices refuse to ease


Published : 22 Jul 2022 10:31 PM

Edible oil is still being sold at a high price in the retail market. 

Following the price reduction, the government has also reduced the edible oil price but its impact has not yet hit the market.

In the last two months, the price of soybeans fell by 32 percent and the price of palm oil fell by 48 percent in the world market.

On July 17, the government reduced the price of edible oil by Tk 14 to Tk 185 per liter. This price was supposed to be effective from July 18. But after visiting some markets in the capital on Friday, this reporter found that oil was not selling at the new price.

Bottled soybean oil was seen selling at Tk 196 to Tk 198 per liter in some markets. And in the grocery store it is being sold at Tk 200 per liter. That is, traders are selling oil at an increased price.

Other brands' five liter bottles are being sold at higher prices than before. These are being sold at Tk 970 to Tk 990. And palm oil is being sold at Tk 155 to Tk 158 per liter.

Oil traders are saying that they have previous stock of oil which they had bought at a higher price. Until finishing their stock they won't be able to sell oil at a reduced price.

Wholesalers and retailers have also claimed that oil companies are yet to supply oil as per the government price in the market.

Meanwhile, the Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association in a letter yesterday informed the Commerce Secretary that oil will be available at government-announced lower prices from Thursday. But even on Friday, it was not reflected in the market.

However, City Group Director Biswajit Saha informed the media that they will release edible oil as per the government price from today. This may take a few days to have an impact on the market.