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Edible Oil

Prices shoot up locally; drop 50pc abroad

Shaheen Mollah
While edible oil prices came down by around 50 percent in the international market in the recent times, prices of both brand and nonbrand edible oil witnessed a sharp rise in the local market.
Wholesalers and retailers said the importers in collaboration with a section of businessmen have created an artificial price hike by decreasing the amount of imports, but importers said it is the retailers and wholesalers who increased the oil prices.
AKM Fakhrul Alam, regional manager of Malaysian Palm Oil Council, said the prices of per tonne crude soya bean and palm oil reached to S1450 and $ 1350 in the international markets in July this year, but the prices came down to $770-780 and $530 now.
Prices of oil in domestic markets however
went high.
A kilogram (kg) of non-brand soya bean oil was selling for Tk 115-118 in the retail markets yesterday, which had been Tk 98-102 two weeks ago, while the price of palm oil hiked to Tk 80-90, which wasTk 60-70 two weeks back.
A kg of non-brand super palm (best quality) oil was selling at Tk 90-100 yesterday, while it wasTk 65-75 two weeks back.
The prices of some brands of soya bean oil rose by Tk 1.5-Tk 10 per litre in last five days.
The price of a five-litre can of Rupchanda at distributor level was Tk 541.50 yesterday, while it had been Tk 534. The distributor level price of a five-litre can ofTeer soya bean oil reached to Tk 569 from Tk 519 five days back.
Our correspondent in Chittagong also reported Different brand soyabean oil companies also increased the prices of their products
by Tk 6 a litre in the wake of price hike of non-brand edible oil.
Wholesale price of all sorts of non-brand edible oil went up by Tk 250 to Tk 500 per maund (37.32 kilogram) in Khatunganj.
Consumers Association of Bangladesh Program Coordinator Quazi Fazlul Haque said such hike in prices is the result of poor market monitoring by the government and it is the consumers, who are suffering for it.
"The prices may not come down in line with the fall in international market. But, surprisingly it is increasing in the local market. It is a major failure of the government," he said.
The consumers suffered when oil prices went high in the international market and ironically when it is decreasing, Fazlul Haque said.
President of Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association MA Rouf Chowdhury told The Daily Star that the stock of soya bean oil has decreased significantly as the importers reduced their importsin fearofloss.
He claimed importers and mill owners incurred a loss of Tk 1500 crore in the last two months due to the price fall in the international markets.
It takes a certain time to reach the oil in the country, he said adding they had to sell the oil in a reduced price though they imported oil at high prices when in the recent past.
Denying the allegation of artificial price hike, he said it is not true that the importers hiked it, rather the retailers and wholesalers are responsible behind the current price hike.
"Millers have already sold their lion share of oil to the wholesalers and retailers, so how can the importers get benefits by hiking the price," he argued.
On the other hand, the wholesalers said that it is true that there is a supply shortage
in the markets, but the millers hoard a major share of oil and sell through the agents only when the price goes up in the markets.
He said importers reduced the import of soya bean oil significantly as its price oil did not decrease the way prices of palm oil came down in the international market.
AKM Fakhrul Alam said they however think that the oil prices will come down as the new consignments of oil are arriving soon after a gap of three weeks.
When asked why prices of edible oil went high, Commerce Secretary Firoz Ahmed yesterday admitted that the price at domestic market has not come down. "There is some shortage of edible oil because of less import," hesaid.
He said the government would soon sit with the government on the issue. “Let us see what we can do.”