United News of Bangladesh

Consumers Association of Bangladesh (CAB) on Tuesday urged the government to take strict action against the Soybean oil syndicate as ‘edible oil is going beyond the reach of consumers due to the manipulation of syndicates’ in the domestic market. This demand was made in a statement. In the statement, the organisation said an old syndicate—active again since August 5—is now dominating the soybean oil market. The group is creating an artificial crisis by raising prices, thereby putting pressure on the government while securing hefty profits, it said. Asian shares trade mixed amid investor worries after Wall Street tumble The statement said that despite government policy support—such as duty waivers and VAT reductions—several powerful companies have deliberately reduced oil supply, destabilising the market. Although the government approved a price hike of Tk 14 per litre from April 14, the syndicate is now reportedly trying to push for an additional Tk 7 increase. Citing global trends, CAB noted that the international price of soybean oil dropped from USD 1,667 per ton in 2022 to USD 1,022 in 2024 but the domestic prices have continued to climb. Currently, loose soybean oil is being sold in the retail market for Tk 180 per litre—Tk 11 more than the official rate. CAB blamed four to five major companies for controlling the market saying they used similar tactics during the previous government to exploit consumers. “They are still creating instability in the same way,” the statement said. “If the syndicate is not dismantled and market transparency and competition are not ensured, the crisis will only deepen.” CAB urged the government to take immediate, strict action against the syndicate, strengthen market monitoring, and ensure proper implementation of policy support measures. The organisation also criticised traders for failing to boost supply after the National Board of Revenue removed a 5 percent import duty following the Commerce Ministry’s price hike decision.    

The National Board of Revenue (NBR) exempted crude soybean oil and crude palm oil import from paying 5 percent advance tax at the import stage. To avail this facility, the importers have to take prior permission of the Commerce Ministry. All the conditions applicable to the import of goods as per the Import Policy Order 2021-2024 shall be complied with for availing this opportunity. EC to unveil electoral work plan by July: Election Commissioner All formalities of tax invoices and filings including accounting related to value added tax shall be complied with. This order shall come into effect immediately. The NBR in the order said that exemption has been granted from advance tax on crude soybean oil and crude palm oil imported by a registered manufacturing establishment. It said that if a commercial importer has entered into an agreement with a refinery that the importer can import the quantity of crude soybean oil and crude palm oil mentioned in the agreement with the prior approval of the Ministry of Commerce and in that case the commercial importer will be considered as an industrial establishment.

The government has increased the price of bottled soybean oil by Tk 14 per litre. As per the new pricing, the retail price of bottled soybean oil jumped to Tk 189 from Tk 175 per litre. Commerce Adviser SK Bashiruddin announced the decision after a meeting on the review of edible oil import, supply, and related issues at the Secretariat. The adviser said the new price of a five-litre bottle of soybean oil has been fixed at Tk 922 which was earlier Tk 852. Alongside bottled oil, the new price of loose soybean and palm oil has been fixed at Tk 169 per litre, up from Tk 157. The last hike in the price of bottled soybean oil was made on December 9. The adviser said the new prices were fixed due to developments in the international market. “We will try to bring the prices down in the coming days,” he added. Earlier, on March 27, the association of edible oil refiners wrote to the Bangladesh Trade and Tariff Commission, seeking a Tk 18 hike per litre in bottled soybean oil and Tk 13 in loose soybean and palm oil. Administration sets retail price of loose Soybean oil at Tk160 per litre in Ctg In the letter, the refiners said the exemption on import duties and taxes expired on March 31 which they cited as the reason for the proposed hike. Despite holding meetings with all stakeholders last week, the government could not reach a decision on the matter until Tuesday.

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.”