Edible oil is not still selling at the government’s fixed price. One litre edible oil is being sold at Tk 3 to Tk 4 higher price than the price fixed by the government causing sufferings to the common people.
According to capital’s different kitchen markets update, loose soybeans are selling at Tk 118 to Tk 122 per litre and a 5-litre bottle at Tk 630 to Tk 650 depending on the market.
However, on Wednesday last week, Commerce Minister Tipu Munshi had fixed the price of loose soybean at Tk 115 per litre and a 5-litre bottled soybean at Tk 625.
Meanwhile, the government has suggested increase of edible oil imports and stocks ahead of the holy month of Ramadan. Despite sufficient stocks and huge imports, edible oil prices have been rising steadily for the past few months.
Despite announcement of price cuts several times, the traders did not decrease oil price. If the manipulation of syndicate is not stopped, the prices of every essential commodities including edible oil will shoot up ahead of the Ramadan.
According to retailers, the price of edible oil cannot be curbed due to the existing supply chain. Mill owners are raising the price of edible oil by creating an artificial crisis in the market by issuing Supply Order. On the other hand, market demand is high that cannot be met by existing supply.
Commerce Minister Tipu Munshi earlier said it is necessary to bring the edible oil price under control quickly to give relief to the consumers. He warned the traders at a meeting of the National Committee on Essential Commodities to fix the price of edible oil, otherwise, the government would be compelled to take legal action if evidence of fraud was found.
Edible oil prices started rising from last September and now it is being sold at higher price in the market. According to Trading Corporation of Bangladesh (TCB), the price of edible oil has gone up by 25 percent to 38 percent per litre in one year, the highest in the last few years. However, importers and mill owners said, the rise in soybean prices in the international market has an impact on the market too.
During the holy month of Ramadan, demand for oil will increase from 2.5 lakh to 3 lakh tonne. For this reason, buyers are most concerned about edible oil. However, to normalize the oil market, the government is considering to lower the import duty from three level to one level, it is learnt.
