Imports Outpace Demand, Yet Edible Oil Prices Soar

Rtv News

06 Oct 2024, 13:14

Photo: Collected

In the past month, the open soybean and palm oil prices have increased abnormally in the Bangladeshi market. During this period, the price of soybean oil increased by Tk10 per liter and the price of palm oil increased by a maximum of Tk15 per liter. However, the price of bottled edible oil remains stable.

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Traders say that the reason for that is the increase in prices in the international market. Also, due to low supply, prices have increased.

However, according to the sources of the Ministry of Commerce, more edible oil has been imported in the fiscal year 2023-24 compared to the demand in the country. In this financial year, crude edible oil has been imported at 23,00,000 tonnes. Production in the country is 2,50,000 tonnes. The total demand for edible oil in the country is 2.2 million tonnes.

Trading Corporation of Bangladesh (TCB) market monitoring report on Saturday (October 5) revealed that open soybean oil was sold at Tk151 to Tk155 per liter. Last month it was sold at Tk145 to Tk152. Palm oil sold at Tk137 to Tk142 on Saturday, compared to Tk135 from Tk130 last month.

Edible oil trader of Karwan Bazar Md. Majidul Islam said that the price of soybean oil has increased by Tk10 per liter and the price of palm oil has increased by Tk15 per liter. Oil companies have said that due to the increase in the price of oil in the world market, it has also increased in the country.

Nazrul Islam, another businessman said that a few months ago, the price of a barrel of 204 liters of open soybean oil was Tk29,000. That is, per liter was Tk142.16. At present one barrel of soybean oil has to be bought for 31,000. That is Tk151.96 per liter.

Earlier, the price of palm oil per barrel was Tk25,000. According to this, the price per liter was Tk122.55. Currently, each barrel is being sold at Tk29,750. That is, the price per barrel has increased by Tk4,750, per liter has increased by Tk23.28.

A handful of companies supply edible oil to the country's market, including City, Meghna, S Alam, TK, Shabnam, Bashundhara, and Butterfly Group.

Earlier, S Alam Group used to sell SO (Supply Order) at relatively low prices without delivering the product. Now the company's imports have reduced.

Bashundhara Group Director (Marketing) Redwanur Rahman said, "The price of palm oil has set a record in the world market. Over the past 20 years, palm oil has outperformed crude soybean oil. In the world market, crude soybean oil is being sold at $1,100 per tonne and palm oil is being sold at $1,125.

He said, "When there is a supply crisis, the price of products increases. In a competitive market, there is no scope for the price to rise when the supply of the product is high."

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