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Soybean oil, the most-consumed cooking oil, has witnessed a fresh price hike in the past week, a major blow to already battered consumers amid coronavirus pandemic.
The prices of bottled soybean oil rose to Tk 144 a litre from Tk 140-141 set by the refiners on May 3 last.
Bottled soybean oil of Rupchanda brand, a product of Bangladesh Edible Oil Ltd. (BOEL), was selling at Tk 144 a litre. Its two-litre jar costs Tk 286.
One litre bottle of Teer soybean oil, a product of City Group, has now a price tag of Tk 144.
Although few grocers have some bottles on their shelves with the old price tag of Tk 139-141 a litre, they were selling those bottles at Tk 143-144.
Refiners, however, said they would review the rates again soon in consultation with the government in the wake of prices skyrocketing in the global market.
Market experts suggested lifting all kinds of taxes on crude edible oil imports for a certain period so as to provide some relief for consumers facing pandemic-related hardship.
Director of City Group Biswajit Saha told the FE on Friday that they started supplying bottles with a price tag of Tk 143-144 (maximum retail price) after Eid.
"The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORVMA) has already sent a proposal to the Trade and Tariff Commission (BTTC), seeking to raise prices in line with the rising import costs," he said.
He claimed that the production cost increased to above Tk 162 a litre in March-April when the global price of crude soybean oil crossed US$ 1480 a tonne.
"We will sit with the commerce ministry within a few days to discuss our proposal with a view to reviewing the prices," he added.
Another refiner, declining to be named, said they have proposed revising upward the price of bottled soybean oil-Tk 156 a litre.
Riad Hossain, an employee of Bismillah Store at West Dhanmondi in the city, said oil companies started supplying soybean bottles with a price tag of Tk 144 a litre after Eid. And the production dates printed on the bottle labels are April 27 and 28, 2021.
Before the Eid, they had sold soybean oil at Tk 139-141 a litre, he said.
According to the Trading Corporation of Bangladesh (TCB), soybean oil prices registered an increase of over 36 per cent in the past five months.
Refiners revised the prices as many as six times in the last four months, said TCB.
Additional secretary at the commerce ministry Shafiqul Islam told the FE that the officials concerned will hold an internal meeting on Sunday to take stock of the rising edible oil prices.
Secretary of Consumers Association of Bangladesh (CAB) Md Humayun Kabir Bhuiyan said the government should exempt crude soybean oil import from all kinds of taxes for a certain period as the global prices continue to surge.
At the same time, TCB should also increase supply of more oil to its open market sale programme so that consumers get some relief amid pandemic-induced crisis, he said.
"Also, policies should be adopted to raise edible oil production in the country," he said.
Bangladesh imports 2.2-2.6 million tonnes of edible oils a year, including 0.7-0.8 million tonnes of soybean oil and 1.4-1.6 million tonnes of palm oil, to meet more than 95 cent of local demand.