This time the price of open soybean and palm oil has increased Bangladesh

This time the price of open soybean and palm oil has increased Bangladesh

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After bottled soybean oil, the price of open edible oil has increased in the retail market. In the span of a week, the price of open soybeans has increased by three to five rupees per liter. And the price of open palm oil has increased by five rupees per liter. Before the elections, the edible oil companies increased the price of bottled soybean oil by Tk 4 to Tk 173 per liter without consulting the government.

According to the market price report of the government agency Trading Corporation of Bangladesh (TCB) on Tuesday, the price of open soybeans in various retail markets of Dhaka is now Tk 158 to Tk 165 per liter. A week ago this oil was bought at the price of Tk 155 to 160 per liter.

According to TCB, the current price of open palm oil is Tk 125 to Tk 135 per litre. A week ago, open palm oil prices were Tk 125 to Tk 130. Accordingly, the price of open oil has increased by three to five rupees per liter within a week.

Talking to the sellers in two markets of Dhaka, it is known that open oil in the retail market is being sold more or less at the price published by TCB. The companies last fixed the price of edible oil last September in coordination with the government. Then the price of palm oil per liter was fixed at Tk 124. And a month earlier, the price of open soybeans was fixed at Tk 154 per litre. But without coordination with the government, the companies increased the price of bottled soybeans by four rupees before the elections. As such, there is no fixed price of edible oil in the market now.

Naim Hasan, the seller of Rob Store in Karwan Bazar, told Prothom Alo that the price of open soybean oil per barrel (204 liters) has increased by Tk 500 in wholesale. The price has been fluctuating for a month. Generally, companies write the price on the bottled oil after the price is fixed. In the last one year, the price of bottled oil has been seen to be sold at roughly the price written on the wrapper. Although the price is fixed, the price of open oil mainly depends on the wholesale market traders like Moulvibazar in Dhaka and Khatunganj in Chittagong. These traders trade based on supply orders (SO) received from oil mills.

Old Dhaka businessman and president of Bangladesh Wholesale Edible Oil Traders Association Golam Mawla told Prothom Alo, “The supply of oil in the market is good. The import situation is also quite normal. Therefore, there is no danger of a new price increase.

Dealers known as SO traders sell open oil supplied by refining companies to the wholesale market. And the companies sell bottled oil directly through distributors. Refining companies in the country are interested in selling the oil in bottles. However, wholesale oil traders feel that the entire oil market will be left in the hands of a few large companies. According to them, oil bottling increases the cost, which creates additional pressure on low-income people. The government, however, wants to stop open oil sales.

Traders say that there is a difference of Rs. 20 per liter between open oil and bottled soybean oil in the market during normal times. However, this difference has now reduced somewhat due to price fluctuations. As much as 60 percent of the soybean oil consumed in the country and 95 to 97 percent of the palm oil is sold in open form. Basically low income people are the main buyers of open oil. According to the purchasing power, many people buy open oil of Tk 20, Tk 50 and Tk 100.

Was talking to the buyer Nasima Khatun in the caravan market. This resident of Tejgaon told Prothom Alo, “We eat open oil because the price is low. At other times, I buy one liter but when the price increases, I buy less.’

The annual demand of soybean and palm oil in the cooking and food processing industry in the country is 20 to 22 million tons. 95 percent of the demand for edible oil is met by imports. A total of 11 companies are active in the edible oil business in the country.

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