Staff Reporter :
There was a crisis in the supply of bottled soybean oil in the market two weeks ago. Following that, the government reduced the value added tax (VAT) for edible oil import which increased the supply to some extent as a result. However, the supply of bottled soybean oil has been declining over the last three to four days.
This information came up in conversation with traders and buyers at several markets in the capital, including Shewrapara, Mohammadpur Krishi Market, Nakhalpara Samiti Bazar and Mohakhali kitchen market.
The retailers say no branded soybean oil except one or two brands is available in the market. And the brands of oil that are available are not enough compared to the demand. In particular, there is almost no supply of one or two-litre bottles of soybean oil. However, the prices of unpackaged and palm oil have decreased in the open market.
According to the Trading Corporation of Bangladesh (TCB), the prices of open soybean oil and palm oil have increased by Tk 4-5 and Tk 3-4 per litre respectively as compared to the last week. At the moment, unpackaged soybean oil is being sold at Tk 165-168 per litre and unpackaged palm oil is being sold at Tk 157-159 per litre.
The crisis of bottled soybean oil began some two weeks ago. However, the supply increased following the government initiative to reduce VAT for edible oil import from 10 per cent to5 per cent. The supply has declined again over the past few days. There has been no statement so far from edible oil refinery companies of the country.
Suraiya Akter, a homemaker, came to the kitchen market in the capital’s Shewrapara to buy soybean oil. However, there was no bottled soybean oil in the market.
Suraiya Akter said, “I am running out of soybean oil. There was no bottled soybean oil in the market yesterday either.”
On the other hand, potato prices have risen by Tk10 per kilogram within a week, reaching Tk70-80 per kilogram in the capital’s retail markets, while onion prices have dropped by Tk10-20 per kilogram due to increased imports from India.
Prices of other vegetables, fish and meat have remained relatively stable.
Market sources attributed the surge in potato prices to the end of the season, leading to reduced supply and higher storage costs. Traders have also refrained from importing potatoes due to high costs.
In contrast, the steady supply of imported onions has contributed to the decline in their prices.
At several markets, including Shahjadpur, Rampura, Karwan Bazar and Kalyanpur, potatoes were being sold at Tk70-80 per kilogram, up from last week’s price of Tk65-70.
Wholesale prices have also increased, with potatoes selling at Tk63-66 per kilogram in the wholesale market, compared to Tk61.50 at the cold storage gate.
Md Iliyas, a wholesale potato trader in Karwan Bazar, said, “Due to the end of the season, the supply of potatoes is very low. Prices are unlikely to decline until new potatoes enter the market and may even increase further.”
Potato prices have remained high throughout the year, going up to as much as Tk55-60 per kilogram in April, an unusual trend compared to previous years.
Market analysts believe that the involvement of multiple middlemen, along with cold storage owners’ influence, has kept prices elevated.
SM Najer Hossain, vice president of the Consumers Association of Bangladesh, criticised the current market structure, saying, “Farmers are unable to store potatoes directly due to a system designed to favour middlemen. Cold storage owners, in collaboration with these intermediaries, have manipulated prices from the beginning of the year. As a result, consumers have suffered consistently and farmers have been left at a disadvantage despite their hard work.”
While potato prices have risen, local onions are now selling at Tk120-130 per kilogram in retail markets, with imported varieties priced at Tk100-110.
This marks a significant decrease from last week when local onions were sold at Tk140-150 and imported onions at Tk110-120 per kilogram.
According to traders, the arrival of new Indian onions has stabilised prices.
“Local onions are selling at Tk110 per kilogram in the wholesale market, and Indian onions are at Tk90. With consistent imports, prices are unlikely to rise further this season,” said Md Babul Mia, general secretary of the Karwan Bazar Onion Traders Association.
The supply of winter vegetables has increased, but prices have not dropped significantly.
Brinjal is being sold at Tk80-120 per kilogram, radish at Tk50-60, turnip at Tk100, and okra at Tk70-80. Cauliflower and cabbage are priced at Tk50-60 per piece, while bottle gourd is available at Tk60-70.
Fish and meat prices have remained steady. Broiler chicken is selling at Tk180-190 per kilogram, Sonali chicken at Tk300-310 and eggs at Tk150 per dozen. Beef is priced at Tk700-800 per kilogram, while mutton costs Tk1,000-1,150.
In the fish markets, Ruhi and Catla are being sold at Tk320-400 per kilogram, farmed Koi at Tk250-280, Tilapia at Tk240-250, and Pangas at Tk220-230, depending on quality.
While the vegetable supply has improved, the rising cost of potatoes continues to be a burden for consumers. Traders predict that prices will remain high until the arrival of new crops, underscoring the need for systemic changes to prevent recurring supply shortages and price hikes.
