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June 27, 2022
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Palm-soybean oil prices fall in Khatunganj

The wailing is not stopping with edible oil all over the country. Despite the record amount of imports and normal supply from the mills, the crisis is not over due to artificial stocks. Consumer rights are being fined every day for illegal stocking. On May 5, the Ministry of Commerce increased the price of bottled soybean oil by Tk 38, open oil by Tk 40 and palm oil by Tk 42. Yet the crisis of edible oil across the country. However, the opposite is true of Khatunganj in Chittagong, the second largest wholesale market in the country.

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The open soybean oil, which was Rs 7,500 per ounce before Eid, was sold on Monday (May 9) at Rs 7,200. Similarly, palm oil was sold at Rs 6,500 but on Monday it was sold at Rs 6,200.

Traders say edible oil prices have fallen in the international market since the government raised retail prices. The effect of which has started to be felt in Khatunganj. That is why the price of open oil has been increased but the price has come down in the wholesale market of Khatunganj.

Meanwhile, according to government and business organizations, the country has an annual demand of 2 million tons of edible oil. But despite the crisis of edible oil across the country, in the current fiscal year 2021-2022, more than one third of the demand for edible oil has been imported. According to the National Board of Revenue (NBR), 29 lakh 26 thousand 356 metric tons of oil has been imported till May 6 of the current 2021-2022 fiscal year (first 10 months and 7 days of the year). Of this, 19 lakh 2 thousand 510 tons of palm oil and 10 lakh 24 thousand 648 tons of soybean oil.

In the last 54 days from March 15 to May 7, four lakh 91 thousand 303 metric tons of oil has been imported. Of this, three lakh 17 thousand 643 metric tons of palm oil. One lakh 64 thousand 60 metric tons of soybean oil. The Millers have not yet released more than half of the Bondend tanks.

In the 7 days before and after Eid (May 1 to May 7) 19 thousand three hundred tons of palm oil was imported. Of this, millers unloaded 7,000 metric tons of crude palm oil after the tariffs. Millers did not relinquish soybean oil for these 7 days.

On the other hand, the Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association has fixed the new price of edible oil after a meeting with the Ministry of Commerce on May 5 (Thursday) after Eid.

According to the new rates, open soybean oil has been increased from Tk 140 per liter to Tk 160 and bottled soybean oil from Tk 160 to Tk 198 per liter. The price of a 5 liter bottle is fixed at 975 rupees. Moreover, refined palm super oil has been increased from Rs 130 to Rs 182.

Meanwhile, prices rose in the retail market but declined in the wholesale market.

Traders in Khatunganj said that the price of edible oil in the wholesale market of Khatunganj is declining due to withdrawal of money from the market due to excess of market capacity, withdrawal of money from the market, reduction in booking rate in international market and declining demand after Eid. They think that it may decrease further.

On condition of anonymity, a DO trader said that a large industrial group of the country has left innumerable DOs (delivery orders) in the Khatunganj market. Which is more than the market capacity.

DO trader Abu Taher said, “Before Eid, the market for palm oil had crossed 6,500. But last Monday that palm oil was sold for up to six thousand two hundred rupees. Although S Alam’s palm oil was sold at Tk 6,200 on Monday, Dhaka City Group’s DO was sold at more than Tk 6,400.

Alamgir Parvez, proprietor of RM Enterprise, a big oil and sugar trader in Khatunganj, told Jago News that oil prices have risen in the retail market. But in Khatunganj, the price of oil has come down. The price of edible oil has also come down in the international market. Especially in Malaysia, the booking rate has been declining for the last few days. If this trend continues, it will decrease further. That is why the market of Khatunganj has been affected.

He said, “Now with the help of internet technology, traders are getting to know the information of international market. This is also affecting the market of Khatunganj.

SM Nazer Hossain, president of Consumers Association of Bangladesh (CAB) Chittagong division, told Jago News that importers, the government has people to speak on behalf of everyone, there is media. But there is no one for consumers. The National Consumer Rights Protection Department is monitoring from time to time. No other agency of the administration is seen in the field.

He said the price of edible oil has been increased in the open market in a hurry after Eid. But 15 more days ago, the millers stopped supplying oil to the market. Neither the Commerce Ministry nor the administration took any action to arrest them (Miller). When prices were rising, it was seen that the price of edible oil was falling in the international market. At the same time, the millers have benefited by increasing the price of open oil in our country. Consumers have been deceived. If the government wanted to increase the price, it could have waited for another week. Now the price of many items related to the increase in the price of edible oil has already gone up.

“There is a tradition in our country that once the price of a product is increased, it does not decrease,” he said. This is our misfortune. ‘

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