Soybean oil is not available in the market even after three days of adjusting the new prices of soybean and palm oil on Thursday (May 05). Experts opined that it is important to find out the real cause of edible oil's disappearance.
In the last one year, the country had imported about 40 lakh tonnes of edible oil. Of which about 8 lakh tonnes were brought during Ramadan. Consumers are not getting oil even after paying higher price. They are blaming market manipulation and lack of government supervision.
The country has a demand for about 2 lakh tonnes of edible oil per month which usually increases slightly during the month of Ramadan. Analysts have questioned the huge shortage of oil in the market despite higher imports and lower tariffs than the overall demand.
President of the Consumers’ Association of Bangladesh (CAB) Ghulam Rahman told Bangladesh Post, “The government does not have the capacity to increase soybean oil supply and it has to rely on those who refine soybean. The government approves their proposed price. We hope that oil will be available in the market at this fixed price. If not, the government will have to take strict action by finding out the real cause behind this anarchy.”
A buyer who was not getting soybean oil in the market said, “I came to buy soybean oil and saw that there was no oil in the market. Prices of everything including pulses, rice and sugar are higher in the market. In this reality how the ordinary people like us will survive.”
However, many of the buyers alleged that oil could be found if they were ready to pay higher price.
There are allegations that the millers are not supplying oil to the market just to cover up the manipulation. However, dealers said the supply situation would return to normal as the bank opened Sunday (May 8).
As per their information banks remained closed due to the holiday. When the bank opens on Sunday, they place Delivery Order (DO), and then new oil will come within two to three days.
As the price of edible oil fluctuates in the international market, there is already a state of panic in all countries. The price of packaged soybean and palm oil in India is much higher than in Bangladesh. There is also the fear of oil smuggling. Economists said more people could buy oil at lower prices if unscrupulous traders did not stock.
Economist Md Mahfuz Kabir said that if Indonesia did not lift its export ban, there were fears that oil prices in the Bangladeshi market could rise further. However, if we can stop manipulation we could have oil at a lower price in one or two months despite the global unrest.
