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Consumers are unlikely to get soybean oil at a reduced rate from today (Friday) as most groceries have still to get bottles with new price tags, according to insiders.
The government on February 20 reviewed soybean prices by Tk 10 a litre and set MRP at Tk 163 a litre for branded and Tk 149 a litre for loose soybean following declining global prices as well as giving consumers some relief ahead of Ramadan.
The government gave 10 days time to the companies to implement the new price from today.
"I couldn't give orders for new one-litre bottles as distributors said it'd take some more days," said Juel Rana, a West Dhanmondi grocer.
"They rather took orders of half-litre soybean whose MRP (maximum retail price) is Tk 85, which means one litre would cost Tk 170 a litre."
Mr Rana said companies were more interested in giving half-litre bottles while the demand for tiny bottles has also increased amid skyrocketing prices of the item.
Visiting groceries in different areas, the FE found no one could give distributors order for new bottles while their old stocks almost ended.
Hafizur Rahman, a grocer at Bhutergoli in the capital, said his stock of one-litre bottles finished but distributing agencies were not giving new ones.
Even there was no chance to get it by Friday as per the distributors of leading refining companies, he said.
Ramzan Ali, a Mohammadpur-based distributor, said companies did not settle the matter with them regarding old stocks. "We have still 10-12 per cent of the old stocks to be sold."
The government should force the companies to adjust the matter with us so that we could sell the old stocks at government-set rate without any losses, he observed.
Shfiul Athar Taslim, director of TK Group, the mother concern of Pushti brand, told the FE that their new bottles were ready, which would be given to distributors from Friday.
He acknowledged that full enforcement of the new price at retail level could be possible from Sunday (March 03).
"Our company has already informed our distributors to collect soybean oil with new price tags," said Mr Taslim.
Consumers Association of Bangladesh (CAB) vice-president Md Nazer Hossain said refiners got 10 days to impose the new price, so there should be no excuse.
The government gave enough time to make sure that consumers could get soybean oil at the new reviewed rate from the stipulated date.
Mr Hossain suggested that commerce ministry look into the matter on a priority basis to implement the new price.
Bangladesh consumes 2.2-2.4 million tonnes of edible oil annually. It has to import 90 per cent through the private sector to meet the demand.
Global soybean oil prices are hovering between $980 and $1,000 a tonne, 30 per cent lower than that of a year ago, reveals global commodity portal 'ycharts.com'.