SUKANTA HALDER and MOHAMMAD SUMAN

Prices of edible oil, sugar and spices have risen across major wholesale markets in Bangladesh over the past several weeks.

Traders attribute the increases to rising international commodity prices, higher freight costs and supply disruptions caused by the war in the Middle East.

According to them, these pressures have pushed up import expenses and, in turn, domestic prices.

At Khatunganj in Chattogram, one of the country’s largest wholesale hubs, traders said the market remained relatively stable during the last Ramadan thanks to adequate stockpiles.

However, conditions began to change after Eid as supply tightened.

Abdur Razzaq, a businessman at the market, said prices are becoming unpredictable, although there are no major shortages. “Prices of some products have risen abruptly as imports are being affected and costs have gone up.”

EDIBLE OIL

Among the edible oil category, soybean oil prices have recorded the most notable increases in recent weeks, according to traders.

At Khatunganj, according to Razzaq, a maund of soybean oil now sells for Tk 7,400, up from Tk 6,600 a week ago. Palm oil climbed to Tk 6,450 from Tk 6,000.

In Dhaka’s Karwan Bazar, bottled oil prices have remained largely unchanged, but loose soybean oil has risen by approximately Tk 1,200 per maund since Eid, reaching Tk 6,600-Tk 6,700, said Abu Bakar Siddique, a trader at the market

Loose soybean oil is reportedly selling at Tk 7–8 per litre above the government-set price, he added.

Bangladesh sources the bulk of its edible oil from outside the Middle East, according to the data from the National Board of Revenue (NBR) and traders.

Soybean oil and raw oilseeds are primarily imported from Brazil, Argentina and the United States. Palm oil, the country’s most consumed cooking oil, comes largely from Indonesia and Malaysia, according to data from the National Board of Revenue and traders.

A senior official at a leading commodity importing and processing company confirmed that none of these shipments transits through the Strait of Hormuz.

The price movements nonetheless reflect a broader surge in international commodity markets since the war started in late February.

According to the World Bank’s latest Pink Sheet, detailing commodity prices, published this month, palm oil averaged $1,103 per tonne in March, up from $1,039 in February and $1,005 in January.