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Soybean oil prices have risen again in the country. The maximum retail price (MRP) of a five-liter bottle of soybean oil is now Tk. 655 to 665 depending on the company. The big three companies tied the price last week. As the new price is effective, the price of soybean oil has gone up by 2 to 4 Taka per liter. With this, the price of soybean oil has increased by Tk. 30 per liter in the last five months.
The maximum retail price of a liter bottle of soybean oil in the market is now Tk. 134. Traders say the previous highest price was in mid-2012. Bottled soybeans were sold at Tk. 135 per liter that year. According to the Trading Corporation of Bangladesh (TCB), the price of edible oil, including soybean, is now 19 to 23 percent higher than a year ago.
People are suffering because of the huge increase in the price of edible oil. A small family of four needs an average of five liters of soybean oil a month. As a result, one has to spend an extra Tk. 150 per month on cooking oil alone. Apart from edible oil, the price of rice in the market is quite high now. The price of sugar has also gone up.
Traders are blaming the international market for the rise in edible oil prices. They claim that the country's source of soybeans, Brazil, Argentina and Paraguay, has exceeded the price of 1,150 US dollars per ton of unrefined soybeans. Earlier, in 2012, the maximum was 1,300 dollars. This time the reason for the price increase is China's aggressive buying and pulling supply.
Biswajit Saha, director of Citigroup, one of the leading edible oil marketers in the country, said the situation in the world market is worrisome. Now the government can adjust the tax rate on edible oil imports. This will benefit all parties. See details...
Source: Online/SZK
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