Traders raise soya bean oil prices without govt nod

Staff Correspondent | Published: 21:56, Jan 21,2017

 
 

A file photo shows a man arranging bottles of soya bean oil at a shop in Dhaka. The prices of soya bean oil increased by Tk 2-5 a litre on the retail markets in Dhaka on Saturday. — New Age photo

The prices of soya bean oil increased by Tk 2-5 a litre on the retail markets in Dhaka on Saturday as traders raised the prices of edible oil although a mill owners’ plea for a hike in the prices of the daily essential is yet to get government’s nod.
The price of bottled soya bean oil increased by Tk 2 a litre on Saturday while that of unpacked soya bean oil rose by Tk 4-5 a litre.
A one-litre container of soya bean oil was selling at Tk 100-105 while a five-litre container at Tk 500-510 at the Karwan Bazar kitchen market in Dhaka on Saturday.
On Friday, a one-litre container of soya bean oil was sold at Tk 98-102 while a five-litre container at Tk 490-505.
Traders said that marketing representatives of edible oil refinery companies informed them (traders) about the proposed price hike of edible oil and wholesalers decreased the supply of the item in last couple of days.
‘Suppliers have squeezed the supply of soya bean oil as the companies informed them that the prices of the item would increase shortly,’ Mizanur Rahman, a retailer at the Karwan Bazar kitchen market, told New Age on Saturday.
He said that the wholesale prices of both unpacked and bottled oil increased a bit as suppliers horded the item in an expectation that the refiners would increase the prices.
Refiners, however, said that they submitted a proposal to the commerce ministry, seeking an increase in the price of edible oil by Tk 5 a litre, but their plea was yet to get approval.
‘A proposal for increasing the price of bottled soya bean oil has been submitted to the commerce ministry, but we are yet to get approval,’ Biswajit Saha, general manager of City Group, said.
He hoped that they would get approval from the ministry within a short time as the prices of edible oil increased on the international market.
After getting the ministry’s nod, the item would enter the market with new price tags, but refiners are not responsible if traders have already increased the prices of the commodity, Biswajit said.

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