Soybean Oil Price Rises by 9 Taka per Liter Without Announcement; Loose Oil Up by 5 Taka

Without any prior announcement, importers and marketing companies have quietly increased the retail price of soybean oil. This time, the price has been raised by 9 taka per liter in one jump. This has put consumers in difficulty. Consumer-rights groups say that raising prices in such a deceptive manner without prior notice is extremely unjust. They say the relevant government authorities should investigate the matter.

In response, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, representing edible oil importers and marketers, and the government authorities have issued conflicting statements. The companies claim that global oil prices are rising, and therefore the price was increased after informing the government. But the Ministry of Commerce says the businesses submitted an application, but no approval was given to increase prices.

Yesterday, visits to several markets in the capital—including Kathalbagan, Karwan Bazar, and Mohammadpur—showed that almost all brands such as Rupchanda, Teer, Pushti, and Fresh were selling bottled soybean oil at increased prices. Newly supplied five-liter bottles were being sold at 965 taka. The new price for bottled soybean oil per liter was set at 198 taka. Until now, one-liter bottles had been sold at 189 taka. However, the newly priced one- and two-liter bottles have not yet been supplied in adequate quantities.

Yesterday, private-sector employee Rony Talukder was returning home after buying a five-liter bottle of Fresh soybean oil from the Mohammadpur Krishi Market. Asked how much he paid, he said that newly priced oil is now entering the market. After checking several shops, he bought it from a familiar shopkeeper at the old price, meaning 920 taka. The price printed on the bottle was 922 taka. A few shops in that market were seen selling oil at the new 965-taka rate.

Mohammad Nayeem, owner of Abdur Rob Store in Karwan Bazar, said the companies informed them a week ago that new-priced oil would arrive in the market. For the past two days, they have been supplying oil at the increased rate.

According to the Bangladesh Trade and Tariff Commission, on November 10, companies sent a letter requesting a price increase for edible oil, stating that the new price would take effect from November 24. The association set the price of bottled soybean oil at 199 taka per liter and 985 taka for a five-liter bottle. Additionally, the price for open soybean oil was set at 179 taka per liter, and palm oil at 169 taka per liter.

However, according to the Ministry of Commerce, until yesterday the government had not granted approval for the price increase. The companies, however, argue that regardless of approval, the price was raised in accordance with the law.