Consumers left high and dry over soybean

Staff Reporter :
The newly priced edible oil is conspicuously absent from the market nationwide, despite the government’s recent announcement regarding the availability of reduced-price soybean oil from March 1st.

However, three days have passed since the announcement, and consumers have yet to witness any reduction in soybean oil prices.

Traders are continuing to charge consumers the previous prices, citing the absence of the new-priced soybean oil in the market.

Additionally, loose soybean oil is being sold at inflated prices. In contrast, companies claim to have already introduced the revised-priced edible oil into the market.

In a task force committee meeting on commodity price review held on February 20th, the government made a decision to reduce the price of soybean oil.

According to the decision, a one-litre bottle of soybean oil would cost Tk163, marking a decrease of Tk10 from the previous price of Tk173. Similarly, a five-litre bottle was set to be sold at Tk800. This information was later revealed to the media by State Minister for Commerce Ahsanul Islam Titu told media.

After visiting capital Malibagh, Moghbazar, Karwan Bazar it was seen that there is no new price soybean oil in the shops. The customers are bound to buy per litre soybean oil by spending Tk173 while five litre at Tk845.

Karwan Bazar Laxmipur store salesman said revised rate soybean oil does not entre in the market. Dealers are providing previous rate edible oil. For that it is impossible for us to sale soybean oil in new rate.

Trading Corporation of Bangladsh’s (TCB) latest kitchen market update says that revised rate edible oil is not reached at consumers’ level.

In Dhaka, per kilogram bottle soybean oil is being sold at Tk165 to 172, five littre at Tk830 while loose soybean oil at Tk152 to 155.

Golam Mawla, president of Bangladesh Wholesale Edible Oil Traders Association, said loose soybean oil is being sold at reduced price in the market what the government fixed. There is no crisis in supply.

The government price will be implemented step by step around the country.

Retail traders said the company be ready by wrapping with increased price but when reduced they works in snail pace.