United News of Bangladesh

The ongoing soybean oil crisis, which began nearly a month before Ramadan, still continues, disrupting the market. Even on the second day (Monday) of Ramadan, supermarkets and shops continue to face shortages of soybean oil. Visiting to various markets in the capital, including Karwanbazar, Malibagh, Uttar Badda, and Shantinagar Bazar, it was seen that most shops had no soybean oil in stock. While other oils like palm, mustard, rice bran, and sunflower oil were available, soybean oil was nowhere to be found. Iqbal, a grocer in Malibagh Bazar, said that dealers are not supplying oil according to demand. Despite repeated requests, they claim that the company is not providing the oil. Price of 12-kg LPG cylinder goes down by Tk 28 In addition, purchasing oil from some suppliers requires buying other products from the same companies, making the situation even more difficult. Samina, a customer searching for soybean oil in Malibagh Bazar, expressed frustration, saying that despite visiting various places, including street shops and supermarkets, she did not find any soybean oil. A grocer in Uttar Badda Bazar said while most shops have soybean oil, many are hoarding it in the hope of a price hike, putting buyers in hot water and exacerbating the shortage. Khorshed Hossain, the owner of Khorshed Store in Malibagh, said the current oil crisis is artificial. He claimed that hoarding is widespread, with some shopkeepers selling oil in small quantities and forcing customers to buy other products along with it. Customer Habib complained that when purchasing five liters of soybean oil, he had to also buy two kilograms of flour and half a kilogram of semolina. “Many sellers are exploiting the situation and charging more than the package price for the oil,” he added. Those who are well-off are looking for alternative oils, like sunflower or mustard oil, at prices of Tk 1,600 and 1,400 for five liters, those who cannot afford such costs are purchasing palm oil at Tk 850 for a five-liter bottle. Meanwhile, Commerce Adviser Sk Bashir Uddin, after visiting the Mohammadpur Town Hall Kitchen Market on Monday, assured that the soybean oil supply would return to normalcy within the next two days. He also mentioned that palm oil is currently being sold below the government-set price. The adviser expressed the hope that the prices of soybean oil and other products would stabilise soon.

Bangladesh Vegetable Oil Refiners' and Vanaspati Manufacturers' Association (BVORVMA), an organization of edible oil suppliers, has assured that the soybean oil crisis in the market will end in a short time. The organization said in a statement on Sunday that considering the rising demand for edible oil in the market ahead of the holy month of Ramadan, the organizations affiliated with the association are supplying more edible oil than usual. Considering the amount of edible oil supplied and imported, there is no chance of a crisis. If there is a crisis due to the tendency of some traders to stock up, the price and supply during Ramadan is enough and there is no need to be panicked, according to a press release. Edible oil market to be stable in 7-10 days: Commerce Adviser The organization also said that there is no chance of abnormal profits as the prices of crude soybean and palm oil are stable in the international market. In addition, the country's top local edible oil producers City Group, Meghna Group, TK Group, and Bangladesh Edible Oil Limited have imported much more edible oil than the demand, which will enter the market within the next 7-10 days. The BVORVMA further said that the recent news of a shortage in the supply of edible oil has created concern among the general consumers. Therefore, “We request the consumers and edible oil traders not to panic and buy edible oil in excess of the requirement. The association is maintaining regular communication with the concerned ministries and departments of the government to deal with this crisis so that this crisis can be resolved quickly.” TCB trucks selling edible oil at Tk100 per liter set to hit the streets from tomorrow In such a situation, BVORVMA would like to assure the edible oil traders and consumers that the organization is making every effort to overcome this crisis. In addition, to ensure that this crisis does not hurt the supply and price of edible oil, it is highly desirable to increase market monitoring by the government, and the cooperation and patience of consumers.