Edible oil still being sold at previous rates

Edible oil is still being sold at the previous higher prices, even though the government has announced a reduction in prices of the goods in the country.

Consumers are still buying the goods at their previous higher prices, as the markets are yet to see an increase in oil supply.

The government and the Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association announced the price reduction on July 17 and 18, but the traders are selling the edible oils at the previous rates.

Bangladesh has readjusted the local rates for edible oil to reflect the recent price drop in the global market, but markets across the country are yet to reflect the reduced rates.

While visiting different kitchen markets in the capital on Friday, it was seen that the edible oil was not sold at the new price.

Traders were seen arguing that they had yet to get the new consignments of edible oil after the price reduction. The buyers, who wanted to purchase oil at the price set by the government, were seen arguing with the traders.

According to Roman of Bismillah General Store in Mohammadpur, dealers and soybean oil companies are providing consignment of edible oil labelled with the previous higher price.

They are not getting the new consignment of edible oil for this; they have to sell the oil labelled with the previous higher price, he said.

The trader also said they have nothing to do as they are bound to sell it at the price labelled by the company.

According to the recently readjusted prices, traders must sell loose soybean oil and super palm oil for a maximum price of Tk 166 per litre and Tk 152 per liter.

The commerce ministry dropped the bottled soybean oil price by Tk 14 to Tk185 on July 18.

Traders in the capital’s Mohammadpur Krishi market, Mirpur -6 kitchen market, Shewrapara kitchen market and Kawranbazar kitchen markets were selling a one-liter bottle of soybean oil at the previous price of Tk 199 to  Tk 205, and each two-liter bottle for Tk 395 to Tk 398 on Friday.          The traders were also selling super palm oil at Tk 158 to Tk 160 per litre and loose soybean at Tk 170 on the day.

Taslim Shahriar, senior assistant general manager of Meghna Group of Industries, said, “We have already started distributing a new consignment of soybean oil soon after the new price is fixed.”

“Demand for soybean oil is lower in the market. The traders are doing bad practice by selling the goods labelled with previous prices,” he said.

Shopper Amanur Rahman at Mohammadpur Krishi market said that traders are still selling soybean oil labelled with the previous price even though the government reduced the price of edible oil two weeks earlier.