Soybean oil prices rise again.

There are attempts to increase the price of edible oil again in a month. After increasing the price by 8 taka per liter on December 9, Nurul Islam Molla, executive officer of the Bangladesh Vegetable Oil Refiners and Bonaspati Manufacturers Association, has written to the commerce secretary to increase the price again. In the letter sent on Monday, the demand for price adjustment was made again by January 10.

It is learned that there is still an artificial shortage of soybean oil in the market. Although there is some supply of bottled two, three and five liter oil, one liter bottles are not available. In addition, buyers are suffering from buying the product as it is not sold at the price fixed by the government. Market participants say that companies are trying to increase the price of edible oil further through the government. Due to which they are still not supplying it normally in the market.

The latest price of edible oil was fixed by the Ministry of Commerce on December 9. At that time, the price of bottled soybean oil was increased by 8 taka to 175 taka. And the price of bulk soybean oil was increased from 149 taka to 157 taka. Bulk palm oil was also increased from 149 taka to 157 taka per liter. In addition, the price of five liters of bottled soybean oil was set at 860 taka, which was previously 818 taka. Consumers expected that the crisis would end after the price increase. But that did not happen. There is instability in the market. There is still a shortage of soybean oil. Especially, there is no supply of one and two liter bottles.

Ordinary consumers complain that some unscrupulous traders are cutting bottled oil, filling it in drums and selling it at the price of bulk oil, which is causing them to charge more than the fixed price. Consumers have demanded effective steps from the government to ensure proper supply in the market and bring transparency.

Retail traders of edible oil allege that importers in Chaktai Khatunganj, the country’s largest consumer goods market, have reduced oil supply by syndicating. They are not supplying even half of the demand. As a result, an artificial crisis is being created in the retail market and instability has arisen.

Importers say that the government has reduced customs duties and taxes in two phases, but the benefits are not being seen. On the contrary, prices have increased further. They say that the dollar crisis is still ongoing in the country. Importers are not importing edible oil as before. Moreover, the price of edible oil has also increased in the world market. Due to these reasons, prices are on the rise.

Consumers Association of Bangladesh (CAB) Vice President SM Nazer Hossain told our time that attempts are being made to increase prices by stopping supply. An artificial crisis is being created in the market. Although the government has withdrawn customs duties and provided various benefits, consumers are not getting the benefits. As the Trade and Tariff Commission is as interested in increasing prices as it is not as interested in reducing them, an anarchic situation has arisen in the market. As prices increase in the world market, importers increase the price of oil in the domestic market. But when prices decrease in the international market, prices in the domestic market do not adjust, which is unfortunate. In this case, traders make various excuses.

Soybean oil,