Soybean oil prices stay above fixed rate in Ctg

Retailers and wholesalers in markets around Chattogram are selling soybean oil at prices exceeding the government-fixed retail prices, which was to be effective from March 1.

Refiners had decided to start selling bottled soybean oil at Tk 163 per litre, but according to retailers, it is selling at Tk 170 per litre, while a five-litre bottle is fetching Tk 845 despite the price being set at Tk 800.

Wholesale traders at the Khatunganj market, one of the country's largest wholesale commodity hubs, said loose soybean oil was being sold at mill gates for Tk 155 per litre. At retail markets, the price of loose soybean oil reached Tk 158 per litre despite the new price being set at Tk 149 per litre.

Abdur Rashid, a wholesaler at Khatunganj market, told The Daily Star: "Although the demand for the product is increasing ahead of Ramadan, the supply is not increasing. I bought a delivery order two weeks ago but I have failed to collect the oil from mill gate till today due to a shortage of supply."

Rabiul Hosen, a retailer at the Kazir Dewri kitchen market, said although the price of soybean oil was fixed at Tk 163, new bottles have not entered the market so far.

He added: "It is not possible to control the soybean oil market by fixing the price without increasing supply. In order to keep prices and supply normal, the government has to monitor everything from the mill gates to retail markets," he added.

Meanwhile, a team of the Directorate of National Consumer Rights Protection (DNCRP) conducted a drive across two mills in Chattogram yesterday.

"Today (Saturday), we visited two refineries to see why bottles at the new rate are not available in the market. The owners and management assured us that the new prices would be in effect within two days," said Anisur Rahman, assistant director of the DNCRP.