Soybean oil
Soybean oil: No real effect of reduced tariff
Soybean oil is still selling at the previous rate of Tk192 per liter arguing that the supply of reduced rate edible is not available in the market yet.
Both the wholesalers and retailers said they are selling soybean oil on Tuesday, which was bought earlier. The soybean oil at the reduced rate is not available in the market.
Read: Bottled soybean oil to cost Tk 14 less per litre from tomorrow
Rupak Saha, a wholesaler of Karwan Bazar told UNB that the soybean oil with the reduced tariff will be available within the next 2 days due to a supply chain problem.
Although the refiners announced tariff cut for both open and bottled products with effect from Tuesday (today), both categories of soybean oil is selling at the previous rates bottled at Tk 192 per liter and open at Tk 175 per liter, as the refiners are not deducting price for the already supplied soybean oil, he said.
Director General of Directorate of National Consumers Right Protection (DNCRP) AHM Shafiquzzaman said that their monitoring teams are working at the field level to ensure the new tariff on soybean oil.
He hoped that the new rate is already effective in the mill gate and it will be effective at the consumers’ level within the shortest possible time.
Read: TCB to procure 2.25 litres of soybean oil, 15,000 mts of lentil for OMS
Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORBMA), announced a price drop of soybean oil on Monday with the effect from Tuesday.
As per the announcement, the price of open soybean oil will be Tk 158 per liter, bottled soybean at Tk 178 per liter, and 5 liters of bottled soybean at Tk 880.
TCB to procure 2.25 litres of soybean oil, 15,000 mts of lentil for OMS
State-owned Trading Corporation of Bangladesh (TCB) will procure 2.25 crore (22.5 million) litres of soybean oil and 15,000 metric tonnes of lentils from local private firms through direct procurement method (DPM) for its open market sale (OMS) programme .
Cabinet Committee on Government Purchase (CCGP) approved a number of separate proposals placed by the Commerce Ministry in this regard as the TCB, the state marketing agency under the ministry, will buy the commodities under different lots.
Read:TIB’s report on TCB products not based on proper information: Commerce Minister
As per the proposals, some 30,00,000 litres of soybean oil will be procured from Basundhara Multi Food Products Ltd at a cost of Tk 54.90 crore while 55,00,000 litres from City Edible Oil Ltd at Tk 101.75 crore, 85,00,000 litres from Meghna Edible Oil Refinery Limited at 156.63 crore, and 55,00,00 litres from Super Oil Refinery Ltd at a cost of Tk 101.75 crore.
Each litre of soybean oil will cost between Tk 183 and Tk 185. All the quantities of soybean oil will be procured through direct procurement method sidelining the open tender procedure.
The TCB will procure 5,000 mts of lentil each from Blue Sky Enterprises Dhaka, Masud & Brothers of Chattogram Masud & Brothers, Chattogram and Ruby Food Products Ltd., of Chattogram
Each kg of lentil will cost Tk 110, the same price from all firms, while the entire 15,000 mts will cost Tk 165 crore.
The Cabinet body also approved two separate proposals of the Bangladesh Agriculture Development Corporation (BADC) under the Agriculture Ministry to procure a total of 90,000 metric tons of fertilizer.
Read: TCB to procure 125 lakh litres soybean oil, 5000 kg lentil from 7 local suppliers
Of the bulk agro-inputs, some 50,000 MT of Muriate of potash (MOP) fertiliser will be imported from Canadian Commercial Corporation at a cost of Tk 386.19 crore with each metric ton costing $812.62 while previous price was $914.
Some 40,000 mt of DAP fertilizer will be imported by BADC from OCP, SA of Morocco at cost of Tk 296.93 crore with each metric ton costing $781 against an earlier price of $914.
Meanwhile, the Cabinet Committee on Economic Affairs at a meeting approved in principle two separate proposals on rice import.
As per a proposal, the Directorate General of Food will import 400,000 metric tons of rice through direct purchase method (DMP) from rice exporting countries.
Under another proposal, the Directorate General of Food was allowed to curtail the 42 days obligation to 15 days for submission of tender proposal by suppliers to procure rice from the international market to facilitate emergency import of rice.
Soybean oil prices hiked by Tk 7 per litre in Bangladesh
Amid inflation woes, the Bangladesh government has raised the prices of soybean oil by Tk 7 per litre.
Bottled soybean oil will now be available at Tk 192 per litre instead of the earlier Tk 185. Similarly, loose soybean oil will be retailed at Tk 175 per litre while a five-litre bottle of the commodity will cost Tk 945.
This is according to a notification issued by the Bangladesh Vegetable Oil Refiners and Bonaspati Manufacturers Association.
Also read: Importers press for soybean price hike by Tk 20 per litre
According to the notification signed by Nurul Islam Molla, the executive officer of the association, the new prices will be effective from Tuesday.
The decision to increase the soyabean oil prices was taken after discussions with the country's Trade and Tariff Commission and the Ministry of Commerce on August 17.
The association sought a 20 percent price hike at the meeting.
Also read: TCB to procure 125 lakh litres soybean oil, 5000 kg lentil from 7 local suppliers
Similarly, the prices of one litre of loose palm oil has been fixed at Tk 145.
The edible oil marketing companies cut the prices of soybean and palm oil on July 17, adjusting the costs in line with global market rates.
According to Bangladesh Bank data, in the fiscal year 2021-22, about 5.15 lakh tonnes of crude soybean oil were imported into the country -- about 75,000 tonnes more than the previous year.
Read US companies encouraged for oil, gas exploration in Bangladesh's offshore
However, during the same period, the import of soybean seeds was 13.31 lakh tonnes, about 2.37 lakh tonnes more than the previous year. The import of refined soybean oil in the fiscal year 2021-22 was a little over 15,000 tonnes.
No refined soybean oil was imported during the previous financial year. In the fiscal year 2021-22, about one million tonnes of refined and non-refined palm oil were imported.
Importers press for soybean price hike by Tk 20 per litre
The Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association (BVORVMA), an association of owners of edible oil refining and marketing companies, has urged the government to hike prices of soybean oil by Tk 20 per litre.
The BVORVMA gave this proposal to the Bangladesh Trade and Tariff Commission (BTTC) on August 3.
The proposal stated that the price of open (loose) soybean oil be raised to Tk 180 a litre, Tk 205 a litre of bottled soybean and Tk 960 for five-litre bottle.
Mustafa Abid Khan, a former member of the Tariff Commission, told UNB that when the price of edible oil was earlier adjusted, the dollar price was taken into consideration. As much of the price in the world market fell, the price in the country did not fall accordingly.
Read: Soybean oil price cut by Tk14 per litre
He said, now the proposal can be reviewed. However, it should be kept in mind that people are under pressure due to the increase in the prices of commodities. The increase in fuel prices will further increase the pressure, he said.
Along with the price hike proposal, the BVORVMA has also provided a breakdown of the cost.
TCB to import 3.30 cr litres of soybean oil from two foreign companies without tender
Trading Corporation of Bangladesh (TCB) , the state marketing agency, will import 33 million (3.30 crore) litres of soybean oil from two companies, one from United Arab Emirates and another from Canada, through direct purchase method (DPM) without any tender process.
Cabinet Committee on Government Purchase (CCGP) in a meeting on Wednesday approved a proposal placed by the Commerce Ministry in this regard.
The committee also approved two separate proposals on fertiliser import which shows that the price of urea fertiliser has substantially decreased in the global market.
Finance Minister AHM Mustafa Kamal presided over the virtual meeting while members of the committee joined it.
Read: TCB to procure soyabean oil, lentil and sugar from business groups
According to the proposal, some 22 million (2.20 crore) litres of edible oil will be procured from Ferrani Polaska Spzoo Food Stuff Trading LLC, UAE (local agent: Shan Trading Ltd, Dhaka) while 11 million (1.10 crore) litres of oil from Canada INC, Canada (local agent: Haque Group, Dhaka).
The entire import will cost Tk 448.82 crore, with each litre costing $1.44 (equivalent to Tk 136) valuing each dollar Tk 94.45. The TCB will sell the edible oil in bottles, each having two litres of oil.
Besides, Bangladesh Chemical Industries Corporation (BCIC) under the Industries Ministry will procure 30,000 metric tons of bagged granular urea fertiliser from Karnaphuli Fertilizer Company Limited (Kafco) at a cost of Tk 157.32 crore, with each metric ton costing $557.87. Earlier, such price was $567.50 per metric ton.
The BCIC will import another 30,000 mt of bulk granular urea fertiliser from Saudi Arabia-based SABIC Agri-nutrients Company at a cost of Tk 158.15 crore, each metric ton costing $560.83. Earlier such price was 597.57 per metric ton.
Meanwhile, the Cabinet Committee on Economic Affairs approved two proposals in principle for import of fertiliser under state-to-state contracts.
Under these contracts, BCIC will import 3.6 lakh metric tons of urea fertiliser from Fertiglobe Distribution Ltd, UAE, Qatar under state to state agreement while Bangladesh Agriculture Development Corporation (BADC) will import one lakh (100,000) metric tons of MOP fertiliser from UAE-based Falco General Trading LLC.
However, the two proposals will require a final approval from the Cabinet Committee on Government Purchase to start the import by stretching prices.
Soybean oil price cut by Tk14 per litre
Amid much talk over the higher price of soybean oil, the government on Sunday reduced the price of bottled soybean oil by Tk14 to make it Tk 185 per litre.
The new price will be effective from Monday across the country, a senior official of the commerce ministry told UNB.
In consultation with the commerce ministry, the Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association (BVORVMA), an association of owners of edible oil refining and marketing companies on Sunday made the announcement.
Also read: CAB urges govt to readjust edible oil prices
This brings down the bottled soybean oil price by 7.03 per cent from Tk199 to Tk 185 per litre due to the declining price in the global market.
The BVORVMA also agreed to reduce the price of palm oil from Tk 6 a litre to Tk 152 a litre.
Also read: Soybean oil price decreased by Tk 6 per liter
The new price of five-litre bottle of soybean oil will be Tk 910, down from Tk 980, he said.
Soybean oil price decreased by Tk 6 per liter
The price of soybean oil has been decreased by Tk6 per liter, which will be effective from Monday (June 27).
The Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association (BVORVMA), an association of owners of edible oil refining and marketing companies, on Sunday gave the announcement.
Read: Soaring prices of dry food another blow to flood-hit Beanibazar residents
According to BVORVMA, the maximum price of per liter bottled soybean oil will be fixed at Tk 199 from Tk 205, while 5 liters bottled soybean price will be fixed at Tk980 from Tk997. The loose soybean oil will be sold at Tk 180 per liter instead of Tk 185 per liter.
As per the instructions of the Commerce Ministry, the BVORVMA has reduced the edible oil price adjusting soybean price with the global market.
However, the price of crude soybean oil decreased by 26 percent in the global market.
Bangladesh imports large quantities of soybean oil from Argentina, a South American country. The price of crude soybean oil imported from the country has decreased in the last 30 days.
Read: Free health camps set up in flood affected areas
The Bangladesh Trade and Tariff Commission (BTTC) calculated that the price of crude soybean oil in Argentina last Wednesday was $1464 per tonne, which was $ 1970 per tonne just a month ago.
This means that the price of crude soybean oil has dropped by about 26 percent in the last 30 days.
Not just soybean oil, the trend of rising commodity prices in the world market has now started to decline. Prices of rice, edible oil, wheat, sugar and lentils are decreasing.
Soybean Oil Substitutes: Some Healthier Options for Cooking, Baking
Soybean oil is one of the most widely used oils in the world. It has a high smoking point, which makes it suitable for high-temperature frying. When we talk about soybean oil, we are talking about a type of vegetable oil that has a strong taste and smell. The type of soybean oil used in cooking will have a significant effect on the taste of the food. However, there are healthier alternatives to soybean oil that you can use for cooking and baking.
Best Substitutes of Soyabean Oil
Soybean oil is most commonly used in cooking because it comes from vegetables. While it contains very little saturated fat, it is harmful to health. So, if you are looking for healthier alternatives, read on to get your options.
Mustard Oil
An easily available alternative to soybean oil is mustard oil. It contains only 7% saturated fat. This oil contains vitamins 'E' and 'K' and beneficial ingredients like plant sterol. The unsaturated fats in it increase the level of good cholesterol in the body and reduce the level of bad cholesterol. So. Mustard oil helps to keep the heart-healthy. Furthermore, it contains omega-3 fatty acids, which are quite beneficial for good health. It also reduces body temperature by stimulating sweat glands. Its anti-bacterial and anti-fungal properties in it protect against rashes and infections.
Read: Cooking Without Oil: How and Why?
Coconut Oil
In Asian countries, coconut oil is used only for hair care. But this oil is also used for cooking in many countries. Coconut oil works great in digesting food and increasing body strength fast. It also helps in weight control. It is also used for baking items like cakes and cookies. However, coconut oil is high in saturated fat, so it should be eaten with control.
Canola Oil
Canola oil is low in saturated fats. It is considered one of the healthiest vegetable oils and is beneficial for overall health. It has a high proportion of omega-3 fatty acids, which reduces the risk of a wide range of diseases. Canola oil also reduces the risk of heart disease and helps maintain healthy blood pressure levels.
Canola oil also contains a high concentration of vitamin E, which is beneficial for the skin and hair. Moreover, it is a great source of vitamin K, a fat-soluble vitamin that has been linked to a reduced risk of certain cancers, such as prostate and colon cancer.
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Sunflower Oil
Sunflower oil is highly beneficial for the body. It speeds up metabolism. Its low cholesterol levels are useful for those who are on a diet. Sunflower oil reduces the risk of high blood pressure. However, sunflower oil is good for cooking purposes only.
Sunflower oil reduces the risk of heart disease, asthma, and cancer. Sunflower oil contains a lot of nutrients, which helps us to overcome our weaknesses. This oil is high in magnesium, which reduces stress. These oils are now widely used in cooking to reduce body weight.
Olive Oil
The use of olive oil in cooking has a long history. This oil has been used in the Mediterranean region for hundreds of years. This oil is made from covered olives. Olive oil can be used as a healthy alternative to soybean. Olive oil is high in ultra-saturated fatty acids, which helps to keep our hearts in good condition. Olive oil is high in omega-3, and omega-6 fatty acids, so it is very effective for health. It also has special benefits in reducing cholesterol.
Read: Yummy Bengali Seafood Recipes to Try at Home
The antioxidant in olive oil also cures incurable diseases. It also fights against various inflammations. The anti-inflammatory properties of olive oil fight chronic diseases such as cancer, heart disease, digestive problems, type 2 diabetes, Alzheimer's, arthritis, and obesity. Scientists believe that three and a half teaspoons of extra virgin olive oil act as an anti-inflammatory drug in adults.
Peanut Oil
Peanut oil is considered to be healthy too. Peanut oil is low in saturated fat. It is naturally fat-free. It reduces the accumulation of fat in the blood vessels. This oil can be used instead of soybean. It is rich in protein, sodium, iron, calcium, potassium, magnesium, fiber, vitamin-A, vitamin B, vitamin C, and many other micronutrients. It contains monounsaturated fats and polyunsaturated fats. It also contains fatty acids, which lower bad cholesterol. The oil also has good cholesterol in it.
Sesame Oil
Although sesame oil is not used conventionally, it can be a great alternative to soybean oil. It is delicious and healthy. However, it is better to avoid this oil in the case of baking because it can easily spoil other flavors.
Read: Savory Lassi: 7 Easy Recipes to Try at Home
Butter
Butter can be used in place of vegetable oil or other oils in many recipes. It is a good option for those who are limiting their intake of saturated fat in their diet. Vegetable oils are often made with genetically modified seeds, which many people prefer to avoid. Butter can be used to make delicious cookies, brownies, cakes, or other treats. It can also be used in savory dishes, such as mashed potatoes, dips, or other dishes. Butter also has a richer flavor than most oils, making it a great choice for sautéing or Making Sauces.
Non-Oil Substitutes for Soybean Oil
There are many non-oil alternatives to soybean oil that can be used to reduce your risk of heart disease and improve your diet. For example, you can use yogurt as an oil substitute for baked items. Even yogurt is also used in curries. You can also have several options, and you can go for low-fat organic varieties. Sometimes you can use milk too.
Final Words
Soybean oil is a versatile cooking oil, but there are healthier substitutes that can be used in place of it. Some of these alternatives include olive oil, mustard oil, canola oil, and more. Each has its own benefits, so it is important to choose the best option for your health and cooking needs.
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Jatrabari traders caught stockpiling newly precious soybean oil
A Rapid Action Battalion mobile court fined three grocery shops Tk150,000 for illegal stockpiling of soybean oil and sale of soybean oil at exorbitant prices in the Jatrabari area of the capital on Monday.
An operational team of RAB-3 got secret information through intelligence sources that some grocery traders in the North Jatrabari area of the capital have been stockpiling huge quantities of soybean oil and selling the essential edible oil to the general public at Tk 34 per liter more than the price fixed by the government.
On the basis of the secret information, the operational team conducted a mobile court at North Jatrabari from 11:50 am to 1:50 pm in the presence of Abdul Jabbar Mandal, Assistant Director, Department of Consumer Rights Protection.
Also read: Dealers, retailers betrayed me on edible oil price: Commerce Minister
During the drive, executive magistrate Md Mazaharul Islam, fined the owners of Aditi Traders, M/S Sifat Trading and M/S Mintu Store Tk 50,000 each. The mobile court found stocks of 15,000 liters of soybean oil in those shops, said Bina Rani Das, Additional SP (Ops and Intelligence wing) of the Rab-3 battalion headquarter.
During the preliminary interrogation, the owners of those grocery shops admitted their wrongdoing. They said they were stockpiling huge quantities of soybean oil and selling it at a higher price than the government had set. The RAB's campaign against these gangs will continue in the future as well, Additional SP Bina Rani added.
Also read: Crackdown on hoarding: 15,000 liters of Soybean oil seized in Chattogram
Dealers, retailers betrayed me on edible oil price: Commerce Minister
Commerce Minister Tipu Munshi on Monday said the dealers and retail businesses betrayed him by increasing the price of edible oil during the month of Ramadan.
“I had made a mistake by urging them to keep the prices of edible oil at a tolerant level during the Ramadan. They (dealers and retailers) did not keep my words. I was wrong,” he said.
He was speaking at a press conference on the market management of the edible oil at his office on Monday.
Admitting his ministry’s failure to control the price hike of this daily cooking ingredient, Tipu said, “It’s our failure. We had asked them not to increase the prices of edible oil. But they did not follow our instructions during the seven days of the Eid celebration. We have directed all organisations concerned to keep the oil prices at a level fixed by the government.”
Also read: Govt approves fresh hike in edible oil price effective Friday
About the syndicate over edible oil, the minister said he didn’t find its existence.
Blaming the retailers and dealers, Tipu said there is no chance of syndication of lakhs of dealers across the country.
“The government has withdrawn 10 per cent VAT on edible oil on March 20 as per our request. The price of soybean oil was reduced to Tk 10 at that time. We have taken weekly information from big companies. Problem was created as retailers and dealers knew that oil prices will be fixed after Ramadan.
Many businessmen hoarded edible oil before Eid. That was the fraud.”
The commerce minister also mentioned that the price of edible oil has also been increased at Tk 10-12 in neighboring India.
Expressing his firm commitment to monitoring the edible oil market regularly, he said, the government will not put pressure on the businesses though. He, however, assured punitive action will be taken against the hoarders.
Tipu said his ministry will provide one crore daily commodities from next June through the Trading Corporation of Bangladesh (TCB).
Also read: Soybean oil price jumps as Indonesia bans export of palm oil
At the press meet, City Group Chairman Fazlur Rahman said he will extend all kinds of cooperation to the government to keep the prices of edible oil stable.