Edible oil prices rise again

The price of edible oil increased in the capital with its gradual rise in the international market since last month.
Price of pulse, flour and potato also went up due to inadequate supply in the city markets.
Price of non-brand palm and soybean oil increased up to Tk 10-12 per litre in retail.
Major edible oil brands have also announced price hike to be effective in a couple of days and most of them stopped their supply. A crisis of branded soybean oil has already been prevailing in the market for the last two days.
Yesterday, non-brand palm oil was selling between Tk 66 and Tk 70 per litre, it was between Tk 54 and Tk 58 a week ago. Super Palm oil was selling between Tk 68 and Tk 72 per litre yesterday, it was between Tk 60 and Tk 62 last week.
Soybean oil is selling between Tk 78 and Tk 82 a litre in retail, it was between Tk 68 and Tk 70 a week ago.
Amir Hossain, a distributor of Rupchanda soybean oil at Karwan Bazar, told The Daily Star, "Customers are returning form the market frustrated due to meagre supply of soybean oil."
Saiful Islam, an employee of Chandpur Store at Karwan Bazar Kitchen Market, said he needed 40 five-litre cans of soybean oil for a buyer but he could not get those searching the whole market. The buyer was forced to purchase the oil from retail at a higher price--Tk 10 to Tk 20 more per can.
Grocers at different markets said price of Teer soybean oil rose by Tk 11 per litre yesterday.
MA Rauf Chowdhury, president of Bangladesh Edible Oil Refiners Association, told The Daily Star that in the last one and a half months the price of edible oil has gradually increased in the international market and the impact has started to show in Bangladesh.
He said one and a half months ago price of crude palm oil was $600 per tonne in the international market but now it is $790. Soybean oil was available between $670 and $675 per tonne and now it is between $835 and $840.
He said usually Bangladesh stocks 1.5 to two lakh tonnes of edible oil but this season the stock is below one lakh tonne. He said importers failed to open Letter of Credits as bank loans have been quite difficult to get.
Price of all types of pulse have increased by Tk 3-5 per kilogram (kg) while the price of flour has increased by Tk 1 per kg over the last week.
Price of potatoes rose by Tk 3 per kg in the last week. Potatoes are now selling between Tk 20 and Tk 22 per kg.
A potato wholesaler at Karwan Bazar said supply of potato dropped since last week.