Label-less soybean oil bottles bring buyers to boil in Dhaka markets

FE Team | Published: December 06, 2024 23:44:45

A shortage of bottled soybean oil is rippling through the bustling markets of Dhaka, reports bdnews24.com.
In the few stores where it is still on shelves, vendors are stripping away labels or hiking prices beyond the marked value.
This has sparked a series of daily confrontations, as buyers and sellers lock horns over the soaring costs of this essential cooking staple.
Frustrated customers, who have been shopping around the markets, are often forced to settle for loose oil instead.
Shoppers accuse certain groups of manipulating the supply to push prices higher, while sellers point out that the companies are supplying less oil than usual.
A visit to several shops in the Niketan and Mohakhali kitchen markets on Friday revealed that 1-litre or 2-litre bottled soybean oil was unavailable.
A dispute was taking place outside the Mayer Doa General Store in Niketon, with a customer claiming that the price tag on the bottle had been scraped off.
The buyer, who had previously purchased a 1-litre bottle for Tk 163 just two days ago, found the same bottle now priced at Tk 170.
Seller Abul Hossain told bdnews24.com, "I brought this stock [Saturday] evening from Karwan Bazar. This is how I got it. There is no other option. The cost of buying has also increased compared to other times, so I have to sell it for Tk 170."
Another buyer Shahriar Mahmud, who came to buy oil, said: "This isn't right. It's the same old trick-suddenly making something unavailable and then raising the price. This started during Hasina's time, and the traders are continuing that tradition!"
Local shopkeeper Niranjan Saha blamed the suppliers, saying: "With Ramadan approaching, suppliers have created an artificial shortage to hike prices and increase profits."
In Mohakhali, another shopkeeper, Abdur Rahman, confirmed the supply of edible oils, particularly 1-litre and 2-litre bottled soybean oil, had significantly decreased over the past week.
Current prices for bottled oil include Ruppchada soybean oil at Tk 167 for 1 litre, Tk 334 for 2 litres, and Tk 818 for 5 litres.
However, most shops are charging Tk 5 to Tk 10 more than the listed prices.
Recently, the government reduced import duties on palm and soybean oil by Tk 10 to Tk 11 per kg in an attempt to control prices.
Despite this, prices of open soybean and palm oil have increased by Tk 5 per litre over the past week.
Loose palm oil is now selling for TK 160-162 per litre, while soybean oil costs Tk 170-175.
Afruza Rahman, deputy director (training & publicity) of the National Consumer Rights Protection Directorate, said monitoring teams are working across Dhaka and the rest of the country to keep prices stable for essential items like potatoes, onions, rice, and lentils.
She added that five teams are currently operating in Dhaka.