Edible oil retailers charging higher rates despite price cut

Talha Bin Habib | Published: January 17, 2016 00:00:00 | Updated: February 01, 2018 00:00:00

The cut in edible oil prices by Tk 5.0 per litre took effect on Saturday but many customers expressed their disappointment that they had to purchase loose soyabean oil at the previous rates.
Most of the retailers in the city said they were charging the previous rates as they did not get fresh supplies from the wholesalers.
Commerce Minister Tofail Ahmed during the 4th meeting of the Business Advisory Committee on Thursday last requested the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association to cut the prices.
The association's president Fazlur Rahman agreed to cut the prices by Tk 5.0 a litre with effect from Saturday.
"It seems the government decision on soybean oil price cut remains on paper only. We hope it will be implemented without delay," Fazlul Haq, a customer, told the FE at Kaptan Bazar in the city on the day.
Senior secretary at the ministry of commerce (MoC) Hedayetullah Al Mamoon said they would take measures to enforce the decision.
"We are looking into the matter. We will take measures so that the retailers can benefit from the decision," he told the FE on the day.
He, however, said that it would take some time to implement the decision fully.
Wholesalers at the Moulvibazar wholesale market said they were selling soybean and palm oil at rational prices to make minimum profits.
Bangladesh Wholesale Edible Oil Traders Association President Golam Mauwla said they were yet to get fresh supplies of soybean oil from the millers.
A litre of loose soybean oil was sold between Tk 74 and Tk 75 while palm oil ranged from Tk 45 to Tk 50 at the Moulvibazar wholesale market on Saturday.Â Â
Soybean oil of different brands in five-litre bottles was sold at prices between Tk 450 and Tk 480 against Tk 480-520 a year ago. The prices fell by 7.0 per cent over the last one year, according to the data of the Trading Corporation of Bangladesh (TCB).
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