52,000 tons of soybean oil arrive in Bangladesh from Brazil and Argentina
Four ships carrying 52,000 tons of crude soybean oil from Brazil and Argentina have arrived at Chattogram Port. Amid a shortage of bottled soybean oil, the government increased its price by eight taka per liter. The oil, imported by City Group, Meghna Group, and TK Group, will be refined and marketed after customs processing. The new prices will result in a rise in the market value of this imported oil, which will take one to two weeks to reach the market after refinement.
Four ships carrying crude soybean oil from Brazil and Argentina have arrived at Chattogram Port in the space of four days. These four tankers carry 52,000 tons of crude soybean oil.
The ship arrived at the port at a time when there was a shortage of bottled soybeans in the market. Amid this oil shortage, the government on Monday increased the price of soybean oil by eight taka per liter. Although all four ships left for Chittagong from the ports of Brazil and Argentina a month ago.
Traders said that if the supply increases, the temporary shortage of bottled soybeans in the market will no longer exist. With the adjustment of soybean prices on Monday, oil imports will increase further before Ramadan.
Shipping company sources said that the soybean oil was imported by City Group, Meghna Group of Industries (MGI) and TK Group in these four ships. Of these, TK Group has 25,000 tons, City Group has 20,000 tons and Meghna Group has 7,000 tons of soybean oil.
According to the information from Chattogram Port, 21,500 tons of soybean oil were brought to the port on Saturday by two ships named MT Ardmore Shayani and MT Dumbledore. Two more ships named MT Sunny Victory and MT Zinga Thresher reached the port waters on Tuesday. These two ships have 30,600 tons of soybean oil. Of this, the oil has been unloaded from the MT Ardmore Shayani ship. The ship left the port on Monday. Among the ships, Sunny Victory came from Brazil, while the other three were from Argentina.
Even though soybean prices have been rising in the world market for more than two months, the government has not adjusted the price until Sunday. It has kept the price stable by reducing customs duties and taxes twice. This has prevented companies from increasing the price of bottled oil set by the government. However, the price in the wholesale market fluctuates based on the world market price. There is less scope for government supervision. As the world market continues to rise, the price of oil in the wholesale market has increased by Tk 10 per liter compared to the government-set price.
In this situation, edible oil companies have been increasing the supply of loose soybean oil instead of bottled for several weeks. As a result, although there is a supply of loose soybean oil in the wholesale market, there is a shortage of bottled oil in retail stores. In such a situation, the government has revised the price.
According to the new price, per liter of bottled soybean oil will now be sold at 175 taka, which was 167 taka so far. The price of loose soybean oil per liter will increase from 149 taka to 157 taka. Due to the revision of the price, the market price of soybean oil from four ships arriving at the port has also increased. For example, if the 52,000 tons of oil arriving at the port is refined and marketed, the market price as bottled soybean will be 996 crore taka. Before the price increase, it was 950 crore taka.
Traders said that this imported soybean oil will first be unloaded from the ship and kept at the customs-controlled tank terminal. From there, the companies will pay duties and taxes and take it to the factory for refining. After that, this soybean oil will be refined and marketed. It may take one to two weeks.
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Source : Daily Bangladesh
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