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Refiners seek yet another hike of edible oil price

Higher prices hit pockets
Refayet Ullah Mirdha and Akanda Muhammad Jahid
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Not even a month has gone by yet edible oil refiners are again proposing hiking prices for the fourth time this year, reasoning it to be a ripple effect of international rates.
Currently, a one-litre bottle of soybean oil is sold at Tk 160. The proposal is for raising it by Tk 10.
It was last increased by Tk 7 on October 19. Before that it was by Tk 4 on September 5.
The sole reduction this year was in July by Tk 4, but only after a Tk 9 raise on May 27.
Consumers are already feeling the pinch of rising costs of some basic commodities.
The refiners sent their latest proposal to the Bangladesh Trade and Tariff Commission (BTTC) on November 18. The BTTC forwarded it to the commerce ministry, said Abu Raihan Al Biruni, a member of the BTTC.
As per rules, the commerce ministry gives the final approval to prices fixed for some basic commodities such as edible oil and sugar.
Biruni said a decision may come on the next meeting on the issue, either on December 1 or December 2.
He, however, hinted that this time there could be a reduction as edible oil prices were gradually coming down in the international markers.
Sukanta Halder and Md Abu Talha Sarker
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The prices of daily essentials have kept going up in Dhaka and other parts of the country, hitting the pockets of consumers hard.
It has caused an additional misery for the general public at a time when they have just returned to normal life on the back of receding coronavirus cases.
During visits to several kitchen markets in the capital, it was found that the price of rice, pulses, oil, flour, sugar and other daily necessities have gone up this week compared to a week ago.
Data from the state-run Trading Corporation of Bangladesh (TCB) also showed a similar trend.
The price of miniket rice has gone up by Tk 2 to Tk 3 per kilogramme (kg) since last week, when it was sold at Tk 68 per kg, according to various retailers.
Similarly, potatoes are selling at Tk 26 per kg, up by about Tk 2 from a week ago.
However, the runaway cost of cooking oil is hurting consumers the most.
Loose soybean oil is being sold at Tk 145 per litre, up from Tk 140 a week ago, and bottled soybean is priced at Tk 160 per litre, up from Tk 155 previously.
Large-sized lentils are being sold at Tk 100 per kg, up from Tk 95 a week ago, while the medium-sized variety is selling for Tk 110 per kg, a Tk 10 increase from the previous price.
The local variety of lentil is being retailed at Tk 130 per kg while it was Tk 120 a week ago.
Coarse flour, known as atta, is being sold at Tk 38 per kg with an increase of Tk 3. The price of branded flour has gone up by Tk 5 per kg to Tk 55 at the same time.
According to the TCB, the price of branded flour has risen by 13.33 per cent per kg. Similarly, the price of sugar has increased from Tk 80 to Tk 90 per kg.
Abu Taher, a resident in Mohammadpur, says the cost of essentials has almost doubled due to the recent surge in prices, forcing him to cut down consumption.
“If the price hike continues, it will not be possible for my family to live in Dhaka.”
Chandan Dev, who works in a private company in Chattogram, echoed the sentiment.
He said he was disappointed at the growing gap between income and expense.
“The cost of living has gone up a lot. I am afraid that the effects will be even more terrible in the future because once the price of a product goes up in Bangladesh, it usually does not come down,” said the father of a newborn.
Darul Huda, who lives in Kalshi, says there is no sign for vegetables prices to cool despite the arrival of winter crops.
In a welcoming development, the price of eggs, broiler chicken and onions have declined.
In the span of a week, the price of chicken has fallen by at least Tk 15 per kg and that of eggs by at least Tk 15 per dozen.
Abdul Matin, owner of Siddique Broiler House in Karwan Bazar, credited the rising supply of chickens from farms for the decline in prices.
The price of domestic and imported onions has fallen by Tk 5 per kg, said Abidur Rahman, a retailer at the Mirpur-11 kitchen market.
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