Soybean oil now costs Tk 100 per litre

---

FE Report
Retail prices of edible oils increased further Saturday in the country's kitchen markets as the supply of the same declined sharply on the day.
The prices of soybean oil were between Tk 95 and Tk 100 a litre on the day. It ranged between Tk 74 and Tk 76 a few days back.
Sources at the city's wholesale market said that the supply of edible oil from the refineries fell drastically over the past few days causing a sudden rise in the prices of the essential commodity in the local markets.
President of Moulvibazar Wholesale Market Abdur Razzak told the FE that supply-disruption was the main reason behind such a record rise in the prices of the edible oil.
He said lower production at the oil mills and subsequent transportation problems also pushed up the prices of the item in the local markets.
He said that retailers were taking full advantage of short supply of the item.
According to the wholesale prices Saturday, soybean was selling at Tk 2755 each maund and each litre at Tk 73.
He pointed out that inclement weather hampered unloading of crude edible oil from mother vessels at the outer anchorage in Chittagong port that forced the oil mills to cut their production level.
The sea condition in the bay was so bad that two lighterage vessels, one carrying fuel oil and the other cement clinker, capsized near Patenga on the day.
However, the supply of edible oil from the mills will improve shortly as the refinery owners had been unloading the crude fast from the vessels, Razzak added.
However, Bangladesh Rifles (BDR) had a meeting with the leading oil suppliers including City Group and TK Oil Friday and they assured it of beefing up supply of refined oil in the local markets shortly.
Country Manager of Malaysian Palm Oil Council (MPOC) Fakhrul Alam told the FE that the prices of edible oil rose because of high procurement prices at the international market.
He claimed that the local refinery purchased palm oil it at a rate US$ 850 each tonne palm and soybean at $ 900 each tonne.
He said the prices of crude oil fell considerably in the international market over the past two days.
The prices of crude palm in the international market is now at $ 802 each tonne palm and soybean at $ 870 each tonne.