Most commodity prices stable ahead of Ramadan, except soybean oil
Bottled soybean oil has almost disappeared from markets
Consumers can expect some relief this Ramadan as essential commodity prices stay lower than last year, thanks to adequate imports and market management.
However, concerns persist over the availability of bottled soybean oil, while vegetable prices remain stable due to the timing of Ramadan after winter.
A visit to Karwan Bazar kitchen market this afternoon (28 February) showed a bustling crowd of shoppers bargaining for essential items ahead of Ramadan.
Experts say there is no likelihood of an unusual price hike caused by supply shortages this time.
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According to the Department of Agricultural Marketing, the retail price of local onions is currently between Tk40-45 per kg, compared to over Tk100 last year. Green chilies are selling for Tk45-50 per kg, down from Tk65-70 during the same time last year.
The price of eggplant is now Tk40-60 per kg, compared to Tk50-70 last year. Ginger is being sold for Tk100-120, and garlic for Tk100-140, both of which were priced higher last year.
Currently, carrots are selling for Tk20, and cucumbers for Tk40-50, which were relatively higher last year. Among pulses, lentils are priced at Tk105-130, and rass pea at Tk110-120, both lower than last year.
Soybean oil shortage
Ali Hossain, a sales assistant at Karwan Bazar's Yasin General Store, said the store has no soybean oil in stock.
He expressed his disappointment over the situation and urged the government to take action to ensure a steady supply of oil, especially with Ramadan approaching and demand increasing.
A customer, Shah Alam, said, "During Ramadan, the demand for soybean oil is higher than usual, but it's not available in the area. That's why I came to Karwan Bazar to buy oil."
Meanwhile, visits to Panthapath, Kalyanpur, Shewrapara and Karwan Bazar revealed through conversations with sellers that the supply of soybean oil has not yet returned to normal.
The government price for one litre of soybean oil is Tk175, and five litres should cost Tk860. However, due to the shortage, one litre is now selling for Tk185-190, and five litres cost Tk960-1,000.
Despite a drop in international soybean prices, the local supply remains insufficient.
The wholesale price of soybean oil is Tk6,600 for 40.90 litres, while the retail price is Tk6,800, compared to the international price of Tk5,500.
Palm oil is also becoming more expensive, with the wholesale price at Tk5,800 per maund and retail at Tk6,000, compared to an international price of Tk5,500.
Biswajit Saha, director of Corporate and Regulatory Affairs at City Group, stated that while the drop in international oil prices has influenced the domestic market, the soybean oil supply is still limited.
Broiler chicken, beef prices up
Within the span of a week, the price of broiler chicken has increased by Tk10-20 per kg. Currently, broiler chicken is being sold for Tk210-220 per kg.
The price of farm eggs has remained stable at Tk130-135 per dozen. Additionally, the price of beef is Tk800 per kg.
Agri products remain stable
Experts say farmers are maintaining a steady supply instead of fully harvesting their crops before Ramadan, helping stabilise the market despite increased demand at the beginning of the fasting month.
Chickpeas are being sold for Tk110-115 per kg, and flattened rice is priced at Tk80 per kg.
Speaking to The Business Standard, Md Kamruzzaman, deputy director of the Department of Agricultural Marketing, said, "With Ramadan starting soon after winter, vegetable prices will remain lower due to higher local production, reducing consumer hardship during the month."
Md Shahadat Hossain, deputy director of the Trading Corporation of Bangladesh (TCB), said, "TCB is monitoring market prices, and with abundant winter vegetables, prices of onions, garlic, ginger and other vegetables are expected to remain stable during Ramadan, barring supply shortages or adverse weather."
Cardamom market not stable
The global price of cardamom has surged due to reduced yields in major producing countries such as Guatemala and India.
At the same time, a near-doubling of import duties and the high dollar exchange rate have hindered imports in recent months, raising concerns about market instability.
Wholesalers at Khatunganj in Chattogram, the country's largest consumer goods market, reported that on 9 February, customs authorities nearly doubled the duty on cardamom, increasing it from $7.50 per kg to $15 per kg.
Weather-related production declines have contributed to global supply shortages, driving up prices.
Since cardamom is widely used in cooking and the pharmaceutical industry, demand remains strong despite rising costs. Consumers and traders fear further instability if supply does not meet demand.
Currently, the wholesale price of cardamom is Tk4,300 per kg, and newly imported stock would need to be sold at Tk5,500 per kg. The monthly demand for cardamom is around 420 tonnes, and if adequate supply is not ensured before Eid-ul-Fitr, prices may surge further.
According to customs data, from November 2023 to 27 January 2024, Bangladesh imported 596.71 tonnes of cardamom, averaging 199 tonnes per month. However, from November 2022 to October 2023, total imports stood at 4,977 tonnes, averaging 414.75 tonnes per month.
Mohammad Faiz Ullah, deputy director of the Chattogram district office of the Directorate of National Consumer Rights Protection, told TBS, "Due to various government initiatives, the market has an adequate supply of essential goods. Except for soybean oil, stability has been maintained for other commodities. We are actively monitoring the market."
