Bottled soybean oil still scarce in markets, shoppers forced to pay up to Tk50 more

Highlights 

• Bottled soybean oil shortage persists
• Prices fall for onions, sugar, local lentils and potatoes
• Prices for fine, medium rice, loose and bottled soybean, and chickpeas increase

The shortage of bottled soybean oil has been ongoing for nearly a month now, with consumers still struggling to find the product, often visiting multiple stores and paying inflated prices.

Commerce Adviser Sk Bashiruddin, on 12 February, had assured in a press conference at the Secretariat that the edible oil market would stabilise within 7 to 10 days. 

However, today (21 February), a visit to markets at five locations, including Karwan Bazar and Kallyanpur, revealed that the supply of bottled soybean oil has not yet normalised and conversations with consumers searching for the oil also confirmed the issue.

At Kallyanpur, shopper Abu Sufian Fahim shared his frustration to The Business Standard saying, "I searched 10 stores for a 5-litre bottle of oil but couldn't find any. I had to settle for a 2-litre bottle at Tk400, even though the printed price on the bottle was Tk350."

"I had no choice but to pay extra. They charged me Tk50 extra and if I don't pay more, I won't get the oil. We are stuck in a dilemma – on one hand, prices are high, and on the other, oil is hardly available," Sufian added.

Meanwhile, retailers are also feeling the pressure.

Anisur Rahman, a grocery shop owner near Kallyanpur Bus Stand, said, "Customers are looking for soybean oil ahead of Ramadan, but I can't provide it. My regular customers are now buying from whichever store has stock.

"Company representatives have been promising for more than a week that bottled oil will arrive 'tomorrow,' but it never does. Even with money in hand, we can't get the product. The government needs to intervene quickly."

Talking to TBS, a sales assistant at Yasin General Store, Ali Hossain, claimed that oil millers have deliberately reduced supply in anticipation of price hikes. 

"They are saying that there will be no shortage during Ramadan, but right now, they are holding back supply," he said.

Meanwhile, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association issued a press release last Sunday, stating that more edible oil than usual is being supplied to the market in preparation for Ramadan. 

They also assured that there would be no oil shortage during Ramadan.

The association also urged consumers not to panic-buy or stockpile oil, as reports of supply shortages have caused unnecessary concern among the public.

Current price trends in the market

During Ramadan, the demand for onions typically rises. However, due to a peak harvest season this year, onion prices have dropped by 64.54% compared to last year.

According to data from the state-owned Trading Corporation of Bangladesh (TCB), onions are now being sold at Tk40-45 per kilogramme. The price of sugar has also decreased by 16.95%, currently selling for Tk120-125 per kilogramme. Meanwhile, potato prices have fallen by 15.15%, with the current market rate ranging from Tk20-30 for per kg.

The price of fine rice, such as Nazirshail and Miniket, has increased by 9.09% over the past year, now selling for Tk70-84 per kg. Medium-grade rice, including Paijam and Atash, has risen by 9.82%, with prices now ranging between Tk60-65 per kg.

The price of loose soybean oil has surged by 19.05%, now selling for Tk155-160 per litre. Meanwhile, bottled soybean oil has seen a 2.92% rise, currently priced at Tk174-175 for a litre.

Among pulses, locally produced lentils have dropped by 1.82%, now selling for Tk130-140 per kg. However, the price of chickpeas has increased by 4.65%, now selling at Tk105-110 per kg.

Vegetable prices remain within the reach of consumers as winter vegetables are still widely available in the market, keeping prices relatively low.

Currently, the price per kilogramme varies depending on quality. Hyacinth beans (sheem) range from Tk30-55, tomatoes Tk20-30, eggplants Tk30-50, green chilies Tk40-50, and cucumbers Tk40-50.

The price of eggs from farms remains stable, with a dozen selling for Tk130-135 in the market. Similarly, broiler chicken is being sold at Tk190-200 per kilogramme, the same as last week.