Soybean oil has suddenly disappeared from various markets and neighborhood stores in the capital. Even where it is available, it is not being sold at the government-fixed price. The labeled prices on bottled oil have been erased, and the oil is being sold at rates between 190 to 200 BDT per liter.
On Tuesday (February 11), visits to multiple retail markets and grocery stores across neighborhoods revealed this information through conversations with both buyers and sellers. Both parties expressed frustration over the unusual situation. They claimed that dishonest dealers and wholesalers are behind this issue, which arises every year before Ramadan.
According to the Bangladesh Trade and Tariff Commission (BTTC), the annual demand for edible oil in the country is approximately 2.2 million metric tons, most of which is met through imports. Large domestic companies import crude edible oil and seeds to produce and sell the oil in the market.
Data from the National Board of Revenue (NBR) shows that from November to January, 232,000 tons of crude soybean oil were released from Chittagong Port, a 69% increase compared to the same period last year. Imports of soybean seeds have also increased. In January alone, 300,000 tons of soybean seeds were imported, marking a record high over the past year.
Meanwhile, the World Bank reports that the price of soybean oil is decreasing in the global market. In January, the average price per ton was 1,061 USD, about 100 USD lower than in November.
However, prices are rising in Bangladesh. Due to the shortage of bottled oil, the price of loose soybean oil has increased by 6 to 7 BDT per liter in the past week.
The Trading Corporation of Bangladesh (TCB) stated that the current price of loose soybean oil is 180-182 BDT per liter.
However, at the Mohammadpur Agricultural Market, a buyer named Ayesha Sharmin expressed her frustration, saying, “With Ramadan approaching, traders have formed a syndicate. After visiting three to four shops, I finally bought mustard oil at a higher price. If the market is like this so early, it will be impossible to shop just before Ramadan.”
Mohammad Humayun Kabir, a seller at Khokon General Store in Mohammadpur Agricultural Market, mentioned that he bought five 5-liter bottles from a wholesaler. The maximum retail price labeled on the bottles was 850 BDT, but he purchased them at 860 BDT and sold them at 865 to 870 BDT.
Shamim Ahmed, a customer from Rampura, shared his experience: “After visiting several shops in Banasree, I finally found one that had oil. They had erased the printed price on the bottle and were selling it at 190 BDT per liter. I had no choice but to buy it from there. With 15 to 20 days left before Ramadan, if oil is already scarce, I can’t imagine what will happen later.”
Sellers are also frustrated with the situation, claiming that dishonest dealers and wholesalers are to blame for this recurring issue before Ramadan. As a result, sellers face criticism and complaints from customers.
When asked about the situation, Biswajit Saha, Director of City Group, a leading edible oil supplier, said, “We are supplying oil to the market regularly. We are also informing various intelligence agencies and monitoring cells about our daily supply. However, I can’t explain why there is a supply shortage.”
Taslim Shahriar, Deputy General Manager of Meghna Group of Industries (MGI), another top player in the edible oil market, said, “Towards the end of winter, the demand for soybean oil typically decreases. There shouldn’t be a shortage in supply now.”
