Edible oil supply remains above usual levels: Refiners’ association
It urged consumers and traders to avoid panic buying and excessive purchases
The market is currently being supplied with more edible oil than usual, the Bangladesh Vegetable Oil Refiners Association said today (16 February).
Anticipating increased demand during Ramadan, the association clarified that member organisations have increased edible oil supplies to ensure availability.
They stated that any temporary shortages due to trader stockpiling will be brief, as stable international crude soybean and palm oil prices limit opportunities for excessive profits, said a press release issued by the association.
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It said major producers like City Group, Meghna Group Industries, TK Group, and Bangladesh Edible Oil Ltd have imported significantly more oil than projected demand. These imports expected to reach the market within 7-10 days, further stabilising supply.
Traders, however, claimed that company supplies are insufficient to meet demand.
The association noted that recent media reports about shortages have caused unnecessary consumer concern.
It urged consumers and traders to avoid panic buying and excessive purchases, as these actions could worsen the situation.
The association stressed the importance of market monitoring by government authorities, along with consumer cooperation and patience, to guarantee a stable and fair edible oil supply during this crucial period.
For nearly a month, there has been a shortage of bottled edible oil, leading to increased prices of loose soybean oil, now being sold at Tk190-200 per kg.
Retailers said that dealers from various edible oil companies are not supplying them with regular stocks.
In November last year, there was a severe shortage of bottled soybean oil, which eased somewhat after prices were increased by Tk8 per litre. However, the shortage has worsened again since early February.
However, on 9 February, the Tariff Commission stated that the unavailability of bottled soybean oil was artificial. In a press release, the commission confirmed a 35% increase in edible oil imports, with Letters of Credit (LCs) rising too.
