Edible oil prices soar

Staff Correspondent

4 December, 2020 12:00 AM printer

Prices of edible oils marked a sharp rise, putting pressure on the common people who are already affected by the high prices of essential items.

A five-litre jar of soybean oil was selling at Tk 580-625 on Thursday while a one-litre poly pack was selling at Tk 123 (rupchanda), Tk 115 (Teer) and Tk 110 (Fresh).

The oil refinery companies have raised soybean oil price several times last month, said the market insiders.

Loose soybean oil retailed at maximum Tk 115 a litre on Thursday while palm oil soared further to Tk 102 a litre. Most of the refiners have further raised the prices of bottled soybean oil by Tk 5-6 a litre to Tk 120-125 a litre.

The prices of soybean oil and palm oil have soared to a nine-year high and the prices are also 30-50 per cent higher than those of a year ago, according to the Trading Corporation of Bangladesh (TCB) data.

A surge in edible oil prices is adding to the woes of common people as they are already facing the heat of high prices of various essential items, such as rice, potato, sugar, fish and meat etc.    

Masud, a shop keeper at Kawranbazar, said edile oil price has been increasing since November and now it is much higher compared to the previous year. The wholesalers are now getting loose soybean oil at minimum Tk 106 a litre from the refineries.

They are retailing soybean oil at Tk 112-115 a litre. Super palm oil is being traded at Tk 98-102 a litre,” he said. Market experts, meanwhile, suggested reviewing edible oil import duties immediately to keep prices within the reach of limited-income people.

The refiners have been raising cooking oil prices following a gradual hike in their prices in the international market for the last seven months.

Global commodity web-portal Index Mundi data showed that crude soybean oil price increased to $914-920 a tonne in the October-November period from $680-700 a tonne in April-May.

Palm oil price also hit $820 a tonne in October from $580-600 a tonne in April, it added.