MARKET DEVELOPMENT
Unpacked Soybean Oil Prices Rise in Dhaka’s Retail Market
Unpacked Soybean Oil Prices Rise in Dhaka’s Retail Market
17/08/2015 (Bangladesh News 24 hours) - On Friday, the oil was sold at Tk 78 to 84 a litre in various markets, up from Tk 74 to 77 last week.
The hike came within a week of the increase in palm oil prices in local markets.
According to the Trading Corporation of Bangladesh (TCB), unpacked soybean oil was sold between Tk 78 and 84 in Dhaka.
It was sold at Tk 75 to 78 last week, the government’s trade arm said.
Wholesale traders claim they have surplus reserves of the edible oil.
“We sold each litre at Tk 66.42 on an average the last time,” Mohammad Ali Bhutto, vice president of Wholesale Edible Oil Businessmen’s Association, told bdnews24.com.
He wondered why the prices were Tk 15 to 20 higher per litre than wholesale prices.
“There’s no shortage in supply,” he said. “We have surplus.”
Palm oil prices, on the other hand, rose by Tk 5 last week on short supply, traders said.
Bhutto claimed many traders used to pass palm oil as soybean oil in the retail market.
“They hiked the soybean oil prices after palm oil prices increased to carry on this practice,” he added.
Some local traders separately said soybean prices have risen above Tk 80 but refused to disclose the reason behind the hike.
“The top quality [unpacked soybean oil] is in short supply and that’s why the prices went up,” Rejaul Islam, a shopkeeper at Mugda, explained to bdnews24.com.
The hike came within a week of the increase in palm oil prices in local markets.
According to the Trading Corporation of Bangladesh (TCB), unpacked soybean oil was sold between Tk 78 and 84 in Dhaka.
It was sold at Tk 75 to 78 last week, the government’s trade arm said.
Wholesale traders claim they have surplus reserves of the edible oil.
“We sold each litre at Tk 66.42 on an average the last time,” Mohammad Ali Bhutto, vice president of Wholesale Edible Oil Businessmen’s Association, told bdnews24.com.
He wondered why the prices were Tk 15 to 20 higher per litre than wholesale prices.
“There’s no shortage in supply,” he said. “We have surplus.”
Palm oil prices, on the other hand, rose by Tk 5 last week on short supply, traders said.
Bhutto claimed many traders used to pass palm oil as soybean oil in the retail market.
“They hiked the soybean oil prices after palm oil prices increased to carry on this practice,” he added.
Some local traders separately said soybean prices have risen above Tk 80 but refused to disclose the reason behind the hike.
“The top quality [unpacked soybean oil] is in short supply and that’s why the prices went up,” Rejaul Islam, a shopkeeper at Mugda, explained to bdnews24.com.