January 17, 2011
Bangladeshi soyoil price registers 10% hike
Local prices of loose soyoil have risen by BDT10 (US$0.14) per kilogramme at the retail level in a week ignoring the rates fixed by the Bangladeshi government earlier, causing vast losses to the customers.
Retailers in city markets were selling the essential item at BDT114-116 (US$1.60-$1-63) per kg on Thursday (Jan 13) up by around 10% from BDT104-106 (US$1.46-$1.49) per kg sold last week.
According to Trading Corporation of Bangladesh (TCB) data, the price of loose soy increased by BDT6-7 (US$0.08-$0.10) per litre in a week though the market price is more than it.
Retailers blamed wholesalers and the latter said the millers are responsible for the price hike saying the millers are creating artificial crisis by supplying less than the demand.
At the same time the refiners said the market witnessed a volatile situation amid international price hike.
Touhidul Islam, a retailer at city's Kawran Bazar said, "At the beginning of the month I bought a drum of soybean oil containing 185 kg at BDT18,700 (US$263.10) but on January 7 it was BDT19,500 (US$274.36)."
"But on January 10, I paid BDT20,200 (US$284.21) for a drum of soybean, so how can I sell it at a cheaper rate?" he questioned adding that loose soy is available but there is shortage of bottled edible oil during the last few days.
"Millers are not supplying the product as per demand creating an artificial crisis in the local market," Md Gholam Mawla, joint secretary of Moulovi Bazar Babosayi Samity, said.
We are forced to buy soy at a high rate, he said blaming the millers that they raised the price in the name of international price hike.
"Edible oil price witnessed frequent hike due to the hike in global market,"Shoeb Md. Asaduzzaman, head of sales and marketing of Bangladesh Edible Oil Ltd (BEOL), said.
International price of edible oil has increased significantly of late. The price of crude soyoil rose to US$1,320 per tonne and palm oil to US$1,260 per tonne on Tuesday (Jan 11), he added.
