Edible oil
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.
CAB urges govt to readjust edible oil prices
Consumers Association of Bangladesh (CAB) has urged the government to readjust edible oil prices in the country following their continuous downward trend in the international market.
SM Nazer Hossain, Vice-President of the CAB central committee made the call through a statement on Saturday.
In the statement, Nazer said Bangladesh Trade and Tariff Commission (BTTC) should readjust the prices of edible oil as the price of this daily essential is decreasing regularly in the international market.
He also blamed the BTTC for its reluctance every time for the edible oil price adjustment.
Alleging that BTTC only works for the interest of the businessmen, the CAAB vice president said, when prices of edible oil go up in the international market, BTTC raises the price in the local market. But when, price decreases in the international market, it does not show interest to readjust the prices.
The statement said the prices of edible oil went ups and down five times from October last year to June this year, while Bangladesh has hiked the oil price in three phases.
Read: Edible oil prices to come down soon: Commerce Secretary
On May 5, 2022, the government approved a fresh hike in the prices of soybean and palm oil by Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers Association on grounds of an increase in the global market.
BVOVMA fixed bottled soybean oil at Tk 198 per litre while loose soybean oil at Tk 180 per litre.
It means bottled soybean oil price increases by Tk 38 per litre and loose soybean oil price up by Tk 44 per litre.
Edible oil prices to come down soon: Commerce Secretary
The prices of edible oil are likely to drop within a day or two due to fall in prices in global market, said secretary to the Commerce Ministry Tapan Kanti Ghosh on Sunday.
“Good news will come in a day or two about the prices of edible oil. We are focusing on re-fixing the prices of edible oil and the Tariff Commission will sit with the oil refining companies to fix the new prices,” he said.
Read: TCB to procure soyabean oil, lentil and sugar from business groups
Tapan revealed this information while responding to a question from reporters at a press briefing organised on the occasion of the 12th Ministerial Conference of World Trade Organisation at the secretariat.
Bangladesh import soybean oil from Paraguay, Brazil and Argentina and it takes 45 to 60 days to arrive in Bangladesh, he said.
Read:Soybean oil price goes up again
On June 9, bottled soybean oil price jumped to Tk205 per litre.
Not only edible oil, prices of other commodities soaring too
Fixed income group and lower middle class people are struggling to cope with soaring prices of edible oil, rice, flour, eggs, onions, sugar, lentils, meat and fish.
Though the Directorate of National Consumers Right Protection (DNCRP) is focusing on controlling the price of edible oil, other commodities are selling at a higher price.
Without any valid reason prices of these are being hiked twice in a week, said advocate Humayun Kabir Bhuiyan, General Secretary, Consumers Association of Bangladesh (CAB).
“Soybean prices are being discussed and criticized across the country for various reasons such as shortage of supply, stockpiling, manipulation of mill owners, high profitability of sellers. The government should work to monitor and make decisions on the situation on the ground,” he told UNB.
The reality is not just edible oil, prices of all products are going up, he said.
Also read: Govt doing its best to rein in prices of essential commodities: PM
The non-governmental organization Consumers Forum (CF) has analyzed the wholesale market from January to March this year.
12,000 litres of edible oil seized in Chattogram
A team of Rapid Action Battalion and National Consumer Rights Protection (NCRP) in a drive seized 12,100 litres of edible oil from two warehouses at Bandartila Saltgola of Chattogram port city on Sunday.
A team of Rab and NCRP conducted a drive at Ishanmistrir Bazar in Saltgola and seized edible oil from a number of warehouses in the area, said Didar Hossain, assistant director of Chattogram, NCRP.
READ: Crackdown on hoarding: 51,956 litres of soybean oil seized in 3 districts
Later, they also slapped a fine of Tk 5 lakh on the owners of the two warehouses including Ilias Hossain for hoarding the oil illegally.
Earlier, the NCRP team seized 4500 litres of edible oil from different warehouses in Agrabad and Karnaphuli bazars on Friday and Saturday.
BCC sues 8 edible oil refiners for unfair price hike
Bangladesh Competition Commission (BCC) has filed a case against eight edible oil refining companies accusing them of ill motive in hiking price of edible oil.
The commission filed the case on Wednesday in the national interest under sections 15 and 15 (2) of the Competition Commission Act, it said.
Read: Over 92,000 litres of edible oil seized in Rajshahi, 5 held
BCC sources said that under Section 15 (2) (b) of the Competition Commission Act, the eight companies have been charged with restricting or controlling the production, supply, market, technical development, investment or provision of services.
The Article 15 of the Commission Act states, “No one shall be involved in ill motive directly or indirectly in any contract or instrumentation of production, supply, distribution, warehousing or acquisition of goods or services. By doing so, the commission will be able to take legal action against them in case of adverse effects on the market, monopoly or oligopoly.”
Read: The oily confession and our ministers
The eight companies are: City Edible Oil Limited, Bangladesh Edible Oil Limited (BEOL), Meghna and United Edible Oil Refinery Limited, Bashundhara Oil Refinery Mill, Shabnam Vegetable Oil, Prime Edible Oil Limited and Globe Edible Oil Limited.
Crackdown on hoarding: 87,058 litres of edible oil seized in 4 dists
Law enforcers have seized 87,058 litres of edible oil illegally stored in warehouses in Kushtia, Pabna, Gazipur and Rajshahi districts on Tuesday.
In Kushtia, a team of Directorate of National Consumer Rights Protection (DNCRP) raided a shop named M/s Food Products in the town and seized 40,000 litres of edible oil.
Also read: Nearly 27,000 litres of edible oil seized in Rajshahi, one held
It also fined the shop owners Tk 30,000.
Besides, the DNCRP team also fined MA Store Tk 1000 and Sabuj Sathi Store Tk 6,000 for selling edible oil at a high price.
Nearly 27,000 litres of edible oil seized in Rajshahi, one held
Police have seized nearly 27,000 litres of edible oil illegally stored in two warehouses in Rajshahi and arrested one of its owners.
On a tip-off, a team of cops raided the two warehouses in the Taherpur Bazar area of Rajshahi’s Bagmara upazila on Monday night and made the seizure.
Also read: Jatrabari traders caught stockpiling newly precious soybean oil
"The seized oil includes 19,176 litres of soybean oil. The remaining was mustard oil," said IK Alam, additional superintendent of Rajshahi district police.
"The arrestee took the state-owned godown on rent. He has been identified as Shahidul Islam Swapan, 40, a resident of Cheokhali village," the officer said.
Also read: Crackdown on hoarding: 15,000 liters of Soybean oil seized in Chattogram
"Later we seized another 31 drums of soybean oil from a nearby godown owned by Swapan’s brother Rafiqul," he said. "His brother, however, managed to escape."
Legal action will be taken against the arrestee and the two godowns have been sealed, said ASP Alam.
TCB to start selling edible oil, other commodities from mid-May
The Trading Corporation of Bangladesh (TCB) will start open market sale (OMS) of some essential commodities including edible oil from mid of May in Dhaka and other divisional cities.
The ministry is working to re-fix the prices of essentials including edible as their prices have gone up on the global market, said an additional secretary to the Commerce Ministry.
Also read: Govt approves fresh hike in edible oil price effective Friday
Primarily the TCB will engage 400 trucks for OMS after fixing the prices of commodities, he said.
In the month of Ramadan, the TCB sold soybean oil at Tk110 per liter, but the price of soybean and other edible oil jumped bothon local and global markets, so it is needed to re-fix the prices of TCB’s edible oil and other commodities, the official said.
Commerce Minister Tipu Munshi will brief reports on edible oil supply and management issue at his secretariat office on Monday, senior information officer of the ministry Abdul Latif Bakshi told UNB on Sunday.
Also read: Around 23 million litre soybean oil arrives at Chittagong port amid growing demand
Besides, Tipu Munshi will talk formally with the traders, edible oil importers and refiners regarding the current situation of edible oil price and supply in the market.
Russia-Ukraine war triggers hike in edible oil price: Quader
The price of soybean oil has been increased in Bangladesh on grounds of rise in the global market as a fall-out of Russia’s war with Ukraine, said Road Transport and Bridges Minister Obaidul Quader on Friday.
The minister made this remark while talking to the reporters during inspection of a project to develop Dhaka-Narayanganj road to six lanes in the Signboard area of Narayanganj.
Also read: Govt approves fresh hike in edible oil price effective Friday
The minister said, “Prices of everything including oil and fuel are rising all over the world following the war.”
“Bangladesh is not an isolated place, so war’s effect will be everywhere.”
However, Quader said, "People will not suffer because Sheikh Hasina is a crisis manager. She used her foresight to save the country even during the Covid pandemic. Our Prime Minister has the courage and integrity to deal with it.”