Despite the government’s recent decision to reduce the price of soybean oil, consumers in the capital are expressing frustration as they struggle to find the product at the newly fixed rates.
Since the new oil supply has not started in the markets, the edible oil is being sold at the previous rates, traders said.
The government’s announcement on February 20, stating a reduction of Tk 10 per litre in soybean oil prices, was expected to take effect from March 1. However, as of March 3, consumers report that the new prices have not been implemented, resulting in continued sales at the previous rates of Tk 165 to Tk 170 per kilogram.
Some retailers have also said that the mill owners have released the new price, but distributors are yet to receive the updated stock. On the other hand, consumers argue that the lack of stability in the market has led to unpredictable fluctuations, with prices changing daily.
The soybean oil crisis has also influenced the prices of other essential commodities, such as onion, sugar, and pulses. Pulse prices have reportedly risen by Tk 10 to Tk 15 within a month, affecting the purchasing power of consumers during the holy month of Ramadan.
State Minister for Commerce Ahsanul Islam Titu earlier said that oil would be available at the new price within two days on Saturday.
Additionally, he announced the impending arrival of 50,000 tons of onions from India later in the week.
As consumers await the implementation of the government’s decision, the market remains volatile, with concerns rising over the overall impact on the cost of living and the availability of essential goods.
They have also claimed that “The government’s efforts to address the situation is a must. Otherwise, low-income people have to bear the brunt.”
