Reversal News Desk,
“I see that even after the price of soybeans has increased, sellers are selling them at higher prices; the government should pay more attention to regulating the market,” said a buyer.
The import duty on rice has been completely withdrawn, while that on potatoes has been halved. Yet the price of rice has increased, while the price of potatoes is not decreasing. After the arrival of new potatoes in the market, the price has decreased and is now equal to that of old potatoes.
After the sudden disappearance of bottled soybean oil, the price was increased by eight taka per liter four days ago on the proposal of traders, but bottled oil is still not available in many shops.
Buyers are getting some relief in the price only because there are enough winter vegetables in the market.
Bottled soybeans were available at a shop in Dhaka’s Karwan Bazar on Friday, but many shops in Mohakhali and Niketan raw markets were unable to find them. Even though bulk soybean oil was available, it was seen being sold at a higher price than the fixed price.
On Monday, the government increased the retail price by eight taka per liter, setting the maximum price of bottled soybean oil at 175 taka, bulk soybean oil and bulk palm oil at 157 taka, and a five-liter bottle of soybean oil at 852 taka.
But even after four days of price hike, retailers are talking about a ‘supply shortage’ of this oil in the market. Some of them are accusing dealers and wholesalers of hoarding ahead of Ramadan.
On Friday, Md. Abdul Jabbar, a seller at the ‘Sylhet Store’ in Mohakhali Raw Market, “Soybean oil disappeared from the market a few days ago. It has not returned yet. Dealers and wholesalers have stocked it up ahead of Ramadan. That is why there is no oil in the market even after the price increase.”
On that day, Abdur Rahman, a shopkeeper at Niketan Raw Market, was selling ‘Number 1’ unshelled soybeans for Tk 190. When asked about the reason for the higher price, he told bdnews24.com, “There are several gradings of soybean oil. We are selling palm oil for Tk 160, and Number 1 soybean oil is being sold for Tk 190.
“We are not getting bottled oil of famous brands from wholesalers. That is why we have kept some new company’s oil. They are sold at the government-set price.”
However, unshelled soybeans are being sold at Tk 160 per liter in Karwan Bazar, which is three taka more than the government-set price.
Mujibur Rahman, a seller at ‘Ms. Comilla General Store’ in this market, told bdnews24.com, “Some bottled oil with new prices has come into the market. But there is still a crisis. Now we have to buy open soybean oil at a higher price. So we have to sell it at a slightly higher price.”
