Bottled Soybean Oil Suddenly Disappears in the Capital!
For several days, bottled soybean oil has been scarce in markets across the capital. The crisis has now intensified, with almost 90% of 1- and 2-liter bottles vanishing from shelves, leaving consumers frustrated.
Retailers report receiving only 10% of the required supply. Except for a few companies, most brands of bottled soybean oil are unavailable in the market, and the supply of the available brands is insufficient. The shortage is especially severe for 1- and 2-liter bottles.
Noman, a grocery store owner in Karwan Bazar, said, “For two weeks, I haven’t received bottled soybean oil in the quantities I need. This is affecting the sale of other goods as well. Companies and dealers are deliberately creating this situation to hike prices.”
Tofayel, a consumer looking for oil, shared, “I went to several stores but couldn’t find bottled soybean oil. Even where it’s available, they’re not selling it. I’m being forced to buy loose soybean oil at higher prices.”
Importers and distributors argue that the global market price hike has led to reduced supply. According to them, international prices have risen by 10 to 13 taka per liter, and imports have decreased by about 20% compared to demand.
Mohammad Khalilur Rahman Sajal, Executive Director of the Consumers Association, said, “Despite receiving tax reductions and other benefits, the suppliers have not lowered prices; instead, they’ve cut supply.”
He warned, “If the Ministry of Commerce doesn’t act now, the situation could become even more uncomfortable during the upcoming Ramadan.”
It’s worth noting that in October, the government reduced duties and taxes on the import of soybean and palm oil twice. Typically, lowering taxes on a product increases imports and reduces prices. However, instead of prices falling, the opposite trend has been observed in the domestic market.
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