Soyabean, palm oils sold beyond fixed prices
Wednesday, 22 April 2009
FE Report
Despite fixation of prices of edible oils at Tk 73 and Tk 59 per kg at mills gates by the government-soyabean is being sold between Tk 78 and Tk 82, while palm oil between Tk 68 and Tk 72 at the retail level.
Wholesale and retail traders said it would take more than one week to implement the government decision because traders have previous stocks of oil with higher purchase rates.
The government Monday fixed the mills gate rate of unpacked soyabean oil at Tk 73, while the palm oil at Tk 59 per kg to keep the prices of the products stable in the local market after a meeting with the delegation of Bangladesh Edible Oil Refiners' Association (BEOR).
Ashiquzzaman, a distributor of City Oil Mills in the city's Maulvibazar market said, they would sell the edible oil at the government fixed rates within two to three days, as they have already enough previous stocks.
"We buy the edible oil at the government fixed rates from the mills gate and sell the oil to retailers taking Tk 2.0 or Tk 2.5 per litre as our profit. So when customers buy the oil, which has changed several hands, they have to pay between Tk 80 and Tk 82 per litre," said a wholesaler.
Now, in the wholesale level, non-brand edible oils such as soyabean oil and super palm oil were selling at Tk 2800 per maund (37.300 kg) and Tk 2370 per maund (37.300 kg) respectively on an average.
Traders at the retail level said prices of edible oil increased by Tk 5.0-Tk 11.0 per kg in the city's kitchen markets during the last week due to increase in prices in the international markets.
"We could not reduce the edible oil prices because we have previous stocks but we hope, the prices will come down at a logical level within a week," said a retailer.
On Tuesday, non-brand (loose) soyabean oil and super palm oil were selling at Tk78-Tk 82 and Tk 68-Tk72 per kg respectively on an average in the city's retail markets.
On the other hand, prices of different brands of edible oil in five-litre cans ranged between Tk 390 and Tk 400 in the city's kitchen markets and remained unchanged from their previous rates, traders in different kitchen markets said.
Despite fixation of prices of edible oils at Tk 73 and Tk 59 per kg at mills gates by the government-soyabean is being sold between Tk 78 and Tk 82, while palm oil between Tk 68 and Tk 72 at the retail level.
Wholesale and retail traders said it would take more than one week to implement the government decision because traders have previous stocks of oil with higher purchase rates.
The government Monday fixed the mills gate rate of unpacked soyabean oil at Tk 73, while the palm oil at Tk 59 per kg to keep the prices of the products stable in the local market after a meeting with the delegation of Bangladesh Edible Oil Refiners' Association (BEOR).
Ashiquzzaman, a distributor of City Oil Mills in the city's Maulvibazar market said, they would sell the edible oil at the government fixed rates within two to three days, as they have already enough previous stocks.
"We buy the edible oil at the government fixed rates from the mills gate and sell the oil to retailers taking Tk 2.0 or Tk 2.5 per litre as our profit. So when customers buy the oil, which has changed several hands, they have to pay between Tk 80 and Tk 82 per litre," said a wholesaler.
Now, in the wholesale level, non-brand edible oils such as soyabean oil and super palm oil were selling at Tk 2800 per maund (37.300 kg) and Tk 2370 per maund (37.300 kg) respectively on an average.
Traders at the retail level said prices of edible oil increased by Tk 5.0-Tk 11.0 per kg in the city's kitchen markets during the last week due to increase in prices in the international markets.
"We could not reduce the edible oil prices because we have previous stocks but we hope, the prices will come down at a logical level within a week," said a retailer.
On Tuesday, non-brand (loose) soyabean oil and super palm oil were selling at Tk78-Tk 82 and Tk 68-Tk72 per kg respectively on an average in the city's retail markets.
On the other hand, prices of different brands of edible oil in five-litre cans ranged between Tk 390 and Tk 400 in the city's kitchen markets and remained unchanged from their previous rates, traders in different kitchen markets said.