Soybean Oil Selling At Previous Price

After the announcement of reducing the soybean oil price from March 1, the effective result is not seen in the market. Moreover it’s actually being sold in the market at the previous increased price. As a result, consumers have to pay extra for both open and bottled oils. On this regard retail traders said that yet no company has supplied them with bottled oil at the new rates. Even the dealers are keeping the previous price of open soybeans.

But refiners and marketing firms say new price labels are being affixed. Buyers can buy low-priced oil within a day or two.

Earlier on February 20, the importers announced a reduction in the price of soybean oil by Tk 10 per liter. According to the new rates, the price per liter of bottled water is Rs 163 and the price of five liters is Rs 800. Soybean oil price per liter is supposed to be Tk 149. Although they said that day, the new rates will be effective from March 1. As such, oil was supposed to be sold at the new rate yesterday, Friday (March 1). But in reality that picture was not seen practically.

On Friday, it was seen that in some markets including Karwan Bazar, Malibagh, Mohakhali Kachha Bazar, bottles are being sold at Tk 173 per liter, five liters at Tk 845 and open at Tk 157 to Tk 160 per liter. A discount of two to three rupees per liter can be obtained through negotiation in the markets, but consumers are not getting that opportunity in the neighborhoods.

Despite announcing a reduction in the price of soybean oil, neither the government nor the millers have taken any decision on palm oil. As a result, a liter of palm oil is being sold at Tk 130 to Tk 135 as before.

Karwan Bazar’s Abdur Rob Store Proprietor Md. Naeem said the companies are supplying open oil to dealers at new rates. But the dealers are still charging the previous rates from the retailers.

Taslim Shahriar, senior assistant general manager of Meghna Group of Industries (MJI) said that new price labels are being put on oil bottles. By tomorrow (Saturday), oil will be available at the retail level at lower prices in the market. He said that the new price oil of other companies will also come to the market within one or two days.

Meanwhile Vice President of Consumers Association of Bangladesh (CAB) SM Najer Hossain said that it is the negligence of the companies not to supply low price oil to the market despite the announcement 10 days ago. If you delay by two days, the profit will be more, that's why it's so stupid. This amounts to cheating the consumer.