Bangladesh : No supply shortage of edible oil
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has assured that there is no supply shortage of bottled edible oil. Ahead of Ramadan, suppliers have increased distribution to meet rising demand. While consumers report limited availability, major producers have imported ample stock, expected to stabilize the market within 7-10 days.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has reassured consumers and traders that there is no supply shortage of bottled edible oil in the local market.
The association clarified that, in anticipation of increased demand for edible oil ahead of Ramadan, its member organisations have ramped up their supply to ensure smooth availability.
According to the association, the supply of edible oil is being maintained at higher-than-usual levels.
However, consumers say the availability of bottled soybean oil has not improved significantly, while several players in the local supply chain have expressed mixed reactions regarding the outlook of the edible oil market ahead of Ramadan, when demand for the cooking staple nearly doubles.
According to official data, the price of bottled soybean oil per litre is currently Tk 175 to Tk 176, reflecting a nearly 1 percent increase over the past month and a 2.33 percent rise over the past year, based on retail price data compiled by the state-run Trading Corporation of Bangladesh.
The association stated that any temporary supply crunch that may arise due to stockpiling by certain traders will be short-lived, as international crude soybean and palm oil prices remain stable, eliminating opportunities for abnormal profits.
Additionally, leading edible oil producers such as City Group, Meghna Group of Industries, TK Group, and Bangladesh Edible Oil Ltd have already imported significantly more edible oil than the projected demand.
These imports are expected to reach the market within the next seven to ten days, further stabilising supply, according to a press release issued by the association yesterday.
The association further stated that recent media reports on a shortage of edible oil have caused unnecessary concern among consumers.
In response, it urged both consumers and traders to refrain from panic buying or excessive purchases, which could exacerbate the situation.
To effectively manage the situation, the association is actively coordinating with relevant government ministries and departments to ensure timely interventions.
It assured all stakeholders that it is making concerted efforts to mitigate any supply disruptions.
The association also emphasised the importance of market monitoring by government authorities, along with the cooperation and patience of consumers, in ensuring a steady and fair supply of edible oil during this critical period.
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Source : The Daily Star
