The prices of edible oils have witnessed yet another hike during the current week across the country, as a litre of bottled soybean oil is now being sold at Tk 115-120 at the retail level.
Both loose and branded edible oils witnessed Tk 5.0-7.0 a litre hike, multiplying the woes of the limited-income group of people. The consumers are already hard-hit by the skyrocketing prices of most essential commodities.
Most refiners have raised the maximum retail prices (MRP) of bottled soybean oil to Tk 115-120 a litre from Tk 109-115 a litre only a week back.
The maximum retail price (MRP) of one litre of Rupchanda brand soybean oil, a product of Bangladesh Edible Oil Ltd, was increased to Tk 120 a litre from Tk 114-115 a litre.
The prices of a five-litre jar of branded soybean oils have been increased to Tk 540-570, depending on companies. The price was Tk 520-550 per jar seven days back.
It is the second time that prices of bottled edible oils have increased in last six weeks. The oil refiners earlier increased bottled soybean oil prices on September 22.
Loose soybean oil prices increased to Tk 104-106 a litre from Tk 98-100 a litre earlier, according to the city groceries.
Super palm oil, key edible oil for poor, increased to Tk 95-97 a litre.
The current prices of edible oils are 20 to 38 per cent higher than those of a year back, according to the Trading Corporation of Bangladesh (TCB).
Palm oil witnessed maximum 38 per cent price hike in a year.
Traders attributed the hike to rising global prices of the essential as well as high taxes on import of the item.
Director (corporate and regulatory affairs) of City Group Biswajit Saha said the refiners have been readjusting edible oil prices following their gradual price hike in the global market for the last six months.
He opined that the government should review the present VAT and tax provisions (nearly 20 per cent) immediately amid price surge in the global market.
Consumers Association of Bangladesh (CAB) secretary Humayun Kabir Bhuiyan said import duty on edible oils should be lifted to give limited- and middle-income people a relief.
Apart from removing duties, strict market monitoring is also needed, especially in the case of refineries, to check any artificial price hike, he noted.
According to global commodity web-portal IndexMundi, palm oil (crude) prices shot up to US$800 a tonne in September-October period from $600 a tonne in April-May.
Crude soybean oil prices also skyrocketed to $906-910 a tonne in September-October from $680-700 a tonne in April-May, said the web-portal.
According to the Ministry of Commerce, the country imports 2.2-2.6 million tonnes of crude soybean and palm oils annually against the domestic demand of 2.2 million tonnes.
Of the imported oils, 0.7-0.8 million tonnes are soyabean oil and 1.4 to 1.6 million tonnes palm oil, while the remaining are mustard, sunflower, rice bran and other edible oils.
