Prices of edible oil go up again

After the proposed budget was announced for the 2021-2022 fiscal year, the prices of essential cooking ingredients such as edible oil, onions, rice and eggs shot up.

Visiting several kitchen markets in the capital, including Karwan Bazar, Segunbagicha, Shantinagar, Rampura and Hatirpool on Saturday, it was found that prices of the said items were up despite being in more than adequate supply.

Consumers alleged that due to negligence in market monitoring, a section of unscrupulous traders increased the prices of the commodities.

Per litre edible oil of various brands was being sold from Tk 145-160. Five litre in bottles sold for Tk 650-720.

Loose soybean oil sold in retail for Tk 125-130 per litre, while palm super soybean oil sold from Tk 114-116 a litre.

The government had set the maximum price of edible oil at Tk153 for bottled ones, and Tk 112 per litre for palm super.

Earlier, after price hike in the international market, edible oil importers pleaded with the Ministry of Commerce for adjusting its price, upon which prices changed at least four times in the last two months.

The last time prices were fixed for edible oil was May 27. 

Although the Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association said in a statement that the price of soybean oil has been increased by Tk 9 per litre, in fact they increased it by Tk 12. 

Earlier, the fixed price of bottled soybean was Tk 141 per litre. In theory, they were supposed to sell it at Tk 150 per litre, but were found selling for Tk 153 a litre.

In a proposal sent to the Commerce Ministry before raising prices, the traders' association said 95pc of the country's demand for edible oil was imported from abroad. And the price of edible oil in the international market is going up. But soybean oil prices in the country have risen comparatively less.