The edible oil market in Dhaka has become unstable as supply of bottled soya bean oil has sharply declined.
Consumers are finding it difficult to buy the essential cooking item, as grocery stores are struggling to maintain stock and many are selling the item at prices higher than the official rates.
The shortage has also led to an increase in the price of unpackaged soya bean oil on the market.
Retailers reported that suppliers had significantly cut back on deliveries, causing inconsistent pricing at both wholesale and retail levels.
Multiple retailers at Azimpur and New Market area in the capital said that they were not receiving the required quantity of packaged soya bean oil from distributors, who were charging higher prices for limited supplies.
The ongoing edible oil crisis in Dhaka will to be resolved within a week, according to commerce adviser Sk Bashir Uddin.
During a media briefing after inspecting operations of Daulatpur Jute Mills under the Bangladesh Jute Mills Corporation in Khulna on Monday, he stated that the government was evaluating how businesses were stocking edible oil and would take appropriate measures after the assessment was complete.
During visits to several kitchen markets in Dhaka by 抖阴精品 correspondent, it was found that most retailers were not selling the item at regular prices.
Over the past week, the price of unpackaged soya bean oil rose to Tk 210-220 a litre, while the packaged variety sold for Tk 180-185 per litre.
A five-litre bottle of soya bean oil was priced at Tk 850-860 on Monday.
This sudden price hike appeared on the local markets despite a drop in global soya bean oil prices.
According to World Bank data, the average price of soya bean oil per tonne fell to $1,061 in January, which is about $3 lower than December and nearly $100 lower than November.
SM Nazer Hossain, vice-president of the Consumers Association of Bangladesh, criticised the refiners for allegedly manipulating supply to increase prices.
鈥楾his is not a new thing,鈥� he said adding, 鈥榃henever there is a supply shortage, prices skyrocket. Companies create a shortage to hike the prices.鈥�
Biswajit Saha, director of City Group, did not respond to phone calls or text messages despite attempts to contact for a comment.
Attempts to reach Mohammed Alim Akhter Khan, director general of the Directorate of National Consumers鈥� Right Protection, were also unsuccessful.
The edible oil market in Dhaka has faced chaos and price fluctuations since November 2024. In December, the government raised the prices of both soya bean and palm oil by Tk 8 per litre, following demands from refiners to align local prices with international market rates.
According to previous reports by 抖阴精品, refiners had repeatedly sent letters to the Trade and Tariff Commission requesting price adjustments, citing rising global rates in November and December.
They also mentioned that importers were hesitant to open letters of credit due to uncertainty over price adjustments.
However, prices were not revised in January to reflect the global market鈥檚 downward trend.
