Edible oil prices on the rise
The price of palm oil has gone up by Tk550 per maund in the last two weeks, increasing from Tk3,800 to Tk4,350
The price of edible oils, including palm oil, palm super oil, and soybean oil, has increased in the last two weeks.
The price of palm oil has gone up by Tk550 per maund in the time at the Khatunganj wholesale market in Chattogram, increasing from Tk3,800 to Tk4,350.
Traders said although demand is stable, the price has gone up abnormally due to increased trading in the domestic market triggered by booking price hikes of the product in the international market.
Wholesale edible oil traders and importers said the price of edible oils, especially palm oil, is increasing in the international market and so, the domestic market price of the product has been affected.
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Due to the upward trend in international price, local trading of palm oil has also increased a lot, leading to abnormal price hike.
According to sources, palm oil sold for Tk4,350 per maund (40.90kg) on Tuesday at Khatunganj, the largest wholesale market for commodities in the country. Two weeks ago, it was going for Tk3,800 per maund.
Currently, TK Group's Bay Fishing palm oil is selling for Tk4,350 per maund in Khatunganj and S Alam Group's palm oil for Tk4,290, while City Group, Meghna Group and Bashundhara Group palm oil is Tk4,280 per maund.
Besides palm oil, the price of palm super oil and soybean oil has also gone up by around Tk150 per maund. Two weeks ago, palm super oil was Tk4,400 per maund and is now Tk4,550 a maund.
Abdur Razzak, an edible oil trader of Khatunganj and owner of Messrs Ismail Traders, said the price of palm oil in the domestic market came down Tk500-700 last month. But following an upward trend in the international market, the price of the product has started rising again in the domestic market also.
Regarding the price hike, City Group Executive Director (Corporate Affairs) Biswajit Saha said the fluctuations in palm oil and soybean oil prices depend on the international market and local trade. Rising prices in the international market have raised local market prices also.
"However, we have not increased the price of any edible oil. We are selling bottled oil at the price fixed by the government," he said.
