DESPITE the fact that the price of soybean oil has declined in the international market, its upward trend in the domestic market is continuing. This is undoubtedly unfortunate.
According to media reports, the average price of soybean oil per ton in the international market from January to March was $1,040 per ton while it was $1,667 in 2022.
It also declined further this month (April). However, this oil is being sold at a relatively high price in the domestic market.
In response to demands from traders, the government has recently increased the price of bottled soybean oil by 14 taka per liter to 189 taka.
The new price of raw soybean and palm oil has been fixed at 169 taka per liter, which was 157 taka earlier. The popularity of soybean oil has been increasing in the country, especially since the 1980s, due to its easy availability.
Most people in our country use soybean oil in cooking. A section of consumers also use palm oil as an alternative to soybean oil, citing its lower price.
Though there are concerns about the health risks posed by the refining process of these two types of oil, their price hikes are causing great hardship to most people in the country, especially those on limited and low incomes.
It was observed that when the prices of edible oil increase in the international market, traders implement it domestically before the wind, but when the price decrease, they give the excuse of the dollar crisis, banks’ high interest, and customs duty.
There are also allegations that edible oil importers stop their supply in the market even before the latest price hike.
Such an attempt to increase the price of goods by holding consumers hostage is a crime under the existing law.
It is mysterious that even after knowing this, the concerned government authorities have not taken any action against the individuals and institutions involved in the disappearance of oil from the market.
This proves that, like their predecessors, the relevant officials of the current interim government are actually protecting the interests of businessmen instead of the consumers.
Reportedly five to six companies control 70 percent of edible oil imports. This means that there is a scope for syndication in this sector. We hope that the government will take effective steps to protect the interests of consumers.
