Consumers bear the brunt as Soybean oil sells Tk 9 above fixed price
Md. Istiak :
Edible oil refiners in Bangladesh have raised the price of soybean and palm oil by 6 taka per litre, putting the government under pressure. However, retail prices in many markets exceed the officially approved rates, leaving consumers to bear the higher costs. Market analysts say this price manipulation reflects a lack of proper oversight and raises concerns about profiteering by syndicates.
Analysts have raised concerns that companies are selling soybean oil up to 9 taka per litre above the approved price and have called for urgent investigation to ensure consumer interests are protected. “Unchecked price hikes affect low-income households the most,” said trade analyst Muhammad Shahadat.
Reports from the Trading Corporation of Bangladesh (TCB) show unpackaged soybean oil was sold at a maximum of 185 taka per litre on Saturday, 9 taka above the government’s fixed price of 176 taka. Bottled soybean oil reached 198 taka per litre, 3 taka above the official rate of 195 taka. Similarly, unpackaged palm oil was sold at 166 taka per litre, exceeding the government-set price of 162 taka by 4 taka.
Following a meeting with the Ministry of Commerce on December 7, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BOVORMA) raised prices by 6 taka per litre, effective December 8. The new official prices were set at 195 taka per litre for bottled soybean oil, 176 taka for unpackaged soybean oil, 166 taka for palm oil, and 955 taka for 5-litre bottles.
Prior to this, the association had requested a 9-taka increase per litre in letters to the Ministry of Commerce on November 10 and 24, but the ministry did not respond. Despite the lack of approval, importers and distributors began selling bottled soybean oil at 198 taka per litre, forcing consumers to pay more. Many consumers reported confusion over the multiple price changes in a short period.
SM Nazer Hossain, Vice President of the Consumers Association of Bangladesh (CAB), told the New Nation, “The government fails to protect consumer interests. At a time when prices should decrease, the government increased prices under pressure from business syndicates. Official rates are not being followed, and monitoring is lacking.”
Field visits to Kawran Bazar, Rampura, Malibagh, and Mirpur confirm retailers are selling soybean and palm oil above government rates, adding to public frustration.
Md. Hasan, a retailer in Mirpur, said, “Companies supply oil at a certain price. We have to sell at that price, and if they charge more, we must sell higher. We don’t make extra profit.”
Officials from the Directorate of National Consumer Rights Protection have promised strict action. “We will soon monitor edible oil prices, identify manipulation, and hold businesses accountable. Consumers’ interests will not be ignored,” a spokesperson said, adding that special enforcement teams may be deployed across the capital.