There was a crisis in the supply of bottled soybean oil in the market two weeks ago. Following that, the government reduced the value added tax (VAT) for edible oil import which increased the supply to some extent as a result. However, the supply of bottled soybean oil has been declining over the last three to four days.
Meanwhile, the price of potatoes has risen by Tk 5 per kg as compared to last week. However, prices of coarse rice, unpackaged soybean oil and palm oil, onion and broiler chicken have declined.
This information came up in conversation with traders and buyers at several markets in the capital, including Shewrapara, Mohammadpur Krishi Market, Nakhalpara Samiti Bazar and Mohakhali kitchen market.
The retailers say no branded soybean oil except one or two brands is available in the market. And the brands of oil that are available are not enough compared to the demand. In particular, there is almost no supply of one or two-litre bottles of soybean oil. However, the prices of unpackaged and palm oil have decreased in the open market.
The Trading Corporation of Bangladesh (TCB) reports that, in comparison to the previous week, the prices of open soybean oil and palm oil have gone up by Tk 4-5 and Tk 3-4 per litre, respectively. Currently, unpackaged palm oil costs Tk 157-159 per litre, while unpackaged soybean oil costs Tk 165-168 per litre.
About two weeks ago, the bottled soybean oil problem started. However, after the government took action to lower the import VAT for edible oil from 10% to 5%, the supply rose. Over the previous few days, the supply has decreased once more. The nation’s edible oil refinery businesses have not yet released a statement.
Suraiya Akter, a homemaker, came to the kitchen market in the capital’s Shewrapara to buy soybean oil. However, there was no bottled soybean oil in the market.
Suraiya Akter told Prothom Alo, “I am running out of soybean oil. There was no bottled soybean oil in the market yesterday either.”
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