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.

Commerce Adviser Sheikh Bashir Uddin has said that the edible oil market will be stable within seven to ten days.The shortage of soybean oil in the market will be resolved, he said while speaking at a programme at the Secretariat on Wednesday. Jatrabari’s Kitchen Market: Traders block roads, cause traffic turmoil He also assured that there is no scope of instability in the prices of chickpeas, peas, dates, lentils and sugar ahead of Ramadan as there is no crisis of these products, he said.

The government will procure lentil, loose soybean oil, loose palm oil, LNG, fertiliser, crude and refined petroleum oil. The Advisers Council Committee on Government Purchase in a meeting, with Finance Advisor Dr Salehuddin Ahmed in the chair, approved a number of proposals of different ministries in this regard on Wednesday. It also approved printing of textbooks for students. Approving the proposals, Dr Salehuddin Ahmed said the government has been promptly approving different proposals to buy essential commodities which reflects the cordial intention of the government to keep the market stable through ensuring smooth supply. Govt to procure rice, sugar, lentil, fertilizer for domestic needs As per proposals, moved by the Commerce Ministry, the Trading Corporation of Bangladesh (TCB) will purchase 10,000 metric tons (MT) of lentils, 38.10 lakh litres of loose soybean oil, 1.10 lakh litres of palm oil for its Open Market Sale Programme. Of these, the Nabil Naba Foods Limited won a contract through open tender to supply 10,000 MT of lentil at Tk 95.97 crore with each kg at Tk 95.97. Each bag will contain 50 kg lentils. S Alam Super Edible Oil Ltd will supply 38.10 lakh litres of refined loose soybean oil under direct purchase method (DPM) at a cost of Tk 53.34 crore, with each litre at Tk 140 while the same company will supply 1.10 lakh refined loose palm oil at a cost of Tk 143 crore with each litre at Tk 130. The Bangladesh Oil Gas and Petroleum Corporation – Petrobangla will import one cargo of LNG through international quotation from the international spot market. TCB to procure soybean oil, sugar, lentil to sell through OMS Vitol Asia Pte. Ltd, Singapore will supply the cargo at a cost of Tk 708.55 crore, with each MMBtu at $15.02.The Bangladesh Petroleum Corporation (BPC) will import 600,000 MT of Murban Crude petroleum from Abu Dhabi National Oil Company (ADNOC) of UAE at a cost of Tk 5208.364 crore for the year 2025 while it will import 700,000 MT of Arabian Light Crude (ALC) from Saudi Arabian Oil Company (SAUDI ARAMCO) at a cost of Tk 6025.206 crore.The committee also approved a proposal to import refined petroleum through international; quotation from Unipec Singapore Pte Ltd', Singapore; Vitol Asia Pte-Ltd., Singapore and Co OQ Trading Limited, Dubai' UAE at a cost of Tk 1070.164 crore,. But quantity was not mentioned in the brief proposal. The Bangladesh Chemical Industries Corporation (BCIC) will import 30,000 MT of bulk granular urea fertilizer at Tk 223.23 crore from SABIC Agri-nutrients Company, Saudi Arabia. Govt to procure 55,000 MT soybean oil for OMS The Bangladesh Agriculture Development Corporation (BADC) will import 30,000 MT of MOP fertiliser from JSC Foreign Economic corporation "Prodintorg at Tk 104.31 crore, 40,000 MT of DAP fertiliser from OCP NUTRCROPS of Morocco at Tk 280.68 crore, another 30,000 MT of TSP at Tk 252.46 crore from the NUTRCROPS of Morocco. The committee also approved awarding of contracts to different suppliers for printing and supplying of textbooks to distribute those among the students at free of cost.

The price of bottled soybean oil has jumped to Tk 175 from Tk 167 per litre. Besides, the price of loose oil has been hiked by Tk 8 to Tk 157 per litre. Govt to procure 55,000 MT soybean oil for OMS Mostafa Haider, president of Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association (BVORVMA), an association of owners of edible oil refining and marketing companies, announced the new prices after a meeting at the Commerce Ministry’s conference room on Monday. Commerce Adviser Sheikh Bashiruddin was present.

Trading Corporation of Bangladesh (TCB) will procure 1.10 crore litres of edible oil and 10,000 metric tons of lentil to sell through its open market sale (OMS) programme. Cabinet Committee on Government Purchase (CCGP) approved two separate proposals in this regard in a meeting on Thursday, presided over by Finance Minister Abul Hasan Mahmood Ali. Don’t listen to rumours involving commodity prices: PM  The Commerce Ministry placed the proposals on behalf of the TCB. According to proposals, the TCB will import 1.10 crore litres of Soybean oil through open tender from  City Edible Oil Ltd. at a total cost of Tk 174.66 crore with each litre at Tk 165.25. Jatka conservation week to begin March 11 The TCB will procure 10,000 metric tons of lentil at a cost of Tk 83.12 crore from Nabi Naba Food Limited with each kg at Tk 103.09.

Trading Corporation of Bangladesh (TCB) will start sale of four daily essentials—lentils, soybean oil, potatoes, and onions—in trucks at various points in the capital from Tuesday (November 14, 2023) alongside its family card programme. These products will be available at half of the current market price. Secretary to the Commerce Ministry Tapan Kanti Ghosh said these while talking to reporters at the conference room of the Ministry of Commerce at the Secretariat on Monday. “Through the TCB card, 13 lakh families in Dhaka are being given products at a fair price. Apart from this, from Tuesday (November 14), 25 to 30 trucks will sell products in Dhaka when 9000 more families will be able to buy goods at lower prices. 300 people will get these products from each truck. Sales will take place every day except Fridays and Saturdays, with different days allocated to different places,” he said. Read: TCB to import soybean oil, lentil for OMS programme He said that the truck sale would be conducted on a first-come, first-served basis. Given the increase in imports, the scope of this truck sale will be increased, said the commerce secretary. He said that it will be monitored to ensure that TCB family cardholders do not buy products from these trucks. Meanwhile, according to the sources of the Ministry of Commerce, a consumer can buy products from these truck sale only once a month. Read: TCB to start selling 5 products to 1 crore families at subsidized prices Tapan Kanti Ghosh said, “Anyone can buy 2 kg of lentils, potatoes, and onions and 2 liters of soybean oil. In this case, the potato will be sold at Tk 30 per kg, onion at Tk 50, lentils at Tk 60, and soybean oil at Tk 100 per liter.” About egg import, Tapan Kanti Ghosh said that the import of 25 crore eggs has been approved. “62000 eggs have been imported. Our aim is not to import eggs but to reduce the price of eggs. If the price is low, there is no problem even if the import is low,” he said. Read more: TCB to sell onion at Tk35 per kg to cardholders from Monday But until the market stabilizes, potatoes and eggs will be imported. “We got significant results because of the import of eggs and potatoes. Instructions have been sent from the Prime Minister's office that potatoes will be sold at Tk 27 per kg from cold storage. Potatoes will be released from cold storage in the presence of a district administration representative.”

The government today decided to reduce the price of edible oil, considering the price reduction in the international market, Senior Secretary to the Ministry of Commerce, Tapan Kanti Ghosh, said today (June 11, 2023). The price of bottled soybean oil has been reduced by Tk 10 per liter to Tk 189, and loose soybean oil will now cost Tk 167 per litre. Also read: Bottled soybean price hiked by Tk 12 per litre, effective from today Meanwhile, the price of palm oil has been reduced by Tk 2 per litre to Tk 133, the senior secretary said after the 7th meeting of the ‘Task Force on Review of Commodity Prices and Market Situation’ at the conference room of the Ministry of Commerce at the Secretariat. The price reduction will come into effect "within a few days," he said. Also read: 11 proposals including import of soybean oil, sugar get cabinet body’s nod The commerce secretary said: “Many issues were discussed in today's meeting, including the prices of soybean oil, onion, ginger and garlic. We’ve also discussed the current import situation.” “We’ve already reduced the price of onion after the decision to allow imports,” he said. Also read: Govt cuts soybean oil price by Tk 5 per litre, effective from Sunday The commerce secretary also said the price of edible oil may reduce further in the next 15 days, based on the reduction in price in the international market. According to the Ministry of Commerce, there is a demand for 20 lakh tonnes of edible oil annually in the country. Of this, the demand during the holy month of Ramadan is close to 3 lakh tonnes. Around 200,000 tons are produced locally, while the remainder is imported. Also read: TCB to buy 1.60 crore litres of soybean oil for OMS ahead of Ramadan

State-owned Trading Corporation of Bangladesh (TCB) will start selling essential items at fair prices for one crore low-income families across the country from Tuesday (January 10, 2023). "Some 10 million families across the country, with cards, will be able to buy the essential items," said a press release signed by Md Humayun Kabir, information officer of the Dhaka Regional office. Read more: TCB to procure 2.75 crore litres of soybean oil Each cardholder can buy 1 kg of sugar at Tk 60, 2 kg of lentils at Tk 70 per kg and two litres of soybean oil at Tk 110 per litre. Eligible people have to buy the items from the shops of distributors or at designated places, it added.

The government has cut the edible oil price by Tk5 per litre and fixed the maximum retail price of per-litre bottle of soybean oil at Tk 187 from Tk 192. The new price of oil will be effective from next Sunday (November 18). As per discussion with the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORBMA), the association of the owners of edible oil refining and marketing companies, the Ministry of Commerce issued a notification in this regard on Thursday. Read more: TCB to procure 2.75 crore litres of soybean oil As per the new rates, the price of loose soybean oil has been fixed at Tk 167 and bottled soybean oil at Tk 187 per litre. A 5-litre bottle of soybean oil price is set at Tk 906 and palm oil at Tk 117 per litre. At present, loose soybean oil retail price is Tk 172 per litre, bottled soybean oil is Tk 192 and a 5-litre bottle is Tk 925 in the retail market. Besides, the price of palm oil is 121 Tk per litre.