Bangladesh : Prices of loose edible oil rise without official announcement
In Dhaka, retail prices of loose soybean and super palm oil rose by about Tk 5 per litre over the past few days, with loose soybean oil at Tk 170–172/litre and super palm oil at Tk 155–160/litre. Wholesale prices also climbed, pushing drum rates higher despite no official hike announcement.
Prices of loose soybean and super palm oil have gone up in the market without any official announcement from refiners and marketers. Over the past three to four days, the price of these two types of edible oil has increased by around Tk 5 per litre.
A market visit to Mohakhali, Tejgaon Colony and Karwan Bazar in Dhaka on Wednesday, along with talks with traders, revealed the price hike. At the retail level, loose soybean oil was sold at Tk 170–172 per litre, while super palm oil was sold at Tk 155–160 per litre. Just a few days ago, prices were Tk 169 and Tk 150 respectively.
Retailers said wholesale price hikes pushed up retail rates as well. The price of a drum (204 litres) of loose soybean oil has increased from Tk 32,000 to Tk 34,400, while a drum of super palm oil has gone up from Tk 29,000 to Tk 31,000 in recent days.
Although retail prices of bottled soybean oil remain unchanged, wholesalers reported an increase. Traders at Karwan Bazar said the price of a carton (20 litres) of five-litre bottled soybean oil has gone up by Tk 50–60.
On August 3, the Ministry of Commerce fixed the retail price of bottled soybean oil at Tk 189 per litre, Tk 922 for five litres, loose soybean oil at Tk 169 per litre and palm oil at Tk 150 per litre. Refiners and marketers had sought a Tk 10 per litre hike, but the ministry decided on just Tk 1. However, despite no formal announcement from the companies, prices in the market have already risen.
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Source : Daily Observer
