Edible oil price goes up sans reason
Wednesday, 16 December 2009
Monira Munni
The price of edible oil, especially bottled oil, has increased up to Tk 10-20 per litre at the retail level in the capital.
Normally, the winter witnesses a slump in demand for palm as the consumers prefer soybean, traders said.
Azad, a distributor of Rupchanda soybean oil at Mirpur, told the FE, "In winter, the price of soybean usually goes up."
But there is no specific reason why the oil price went up on three occasions during the last month. The government should be conscious about the matter as there might be some profiteers liable for the hike.
Masud, a seller of Karwan Bazar kitchen market, said one litre Rupchanda can was selling at Tk 97 up from Tk 85 a week ago and Tk 75 a month ago. The two-litre can was selling at Tk 188 up from Tk 176 and five-litre can was selling at Tk 464 which was Tk 425.
One-litre Teer can was selling at Tk 92 which was Tk 80, two-litre one at Tk 170 against Tk 160 and five-litre one at Tk 430 against the previous price of Tk 395.
Non-brand soybean was selling at Tk 86 per litre which was at Tk 80, super palm oil at Tk 68 against the earlier week's price of Tk 65.
"Soybean was selling at $960 per tonne in the international market the previous price of which was $860 per tonne," Fakhrul Alam, country chief of Malaysian Palm Oil Council, told the FE.
The demand for soybean increases in winter season and there is shortage of supply which was one of the reasons of the recent price hike along with the international market price rise.
The price of edible oil, especially bottled oil, has increased up to Tk 10-20 per litre at the retail level in the capital.
Normally, the winter witnesses a slump in demand for palm as the consumers prefer soybean, traders said.
Azad, a distributor of Rupchanda soybean oil at Mirpur, told the FE, "In winter, the price of soybean usually goes up."
But there is no specific reason why the oil price went up on three occasions during the last month. The government should be conscious about the matter as there might be some profiteers liable for the hike.
Masud, a seller of Karwan Bazar kitchen market, said one litre Rupchanda can was selling at Tk 97 up from Tk 85 a week ago and Tk 75 a month ago. The two-litre can was selling at Tk 188 up from Tk 176 and five-litre can was selling at Tk 464 which was Tk 425.
One-litre Teer can was selling at Tk 92 which was Tk 80, two-litre one at Tk 170 against Tk 160 and five-litre one at Tk 430 against the previous price of Tk 395.
Non-brand soybean was selling at Tk 86 per litre which was at Tk 80, super palm oil at Tk 68 against the earlier week's price of Tk 65.
"Soybean was selling at $960 per tonne in the international market the previous price of which was $860 per tonne," Fakhrul Alam, country chief of Malaysian Palm Oil Council, told the FE.
The demand for soybean increases in winter season and there is shortage of supply which was one of the reasons of the recent price hike along with the international market price rise.