• Thursday, Dec 12, 2019
  • Last Update : 08:20 pm

Now edible oil prices rising

  • Published at 10:19 pm November 21st, 2019
Photo: Mehedi Hasan/Dhaka Tribune

Prices of different brands of edible oil have gone up by three to four taka per litre in both retail and wholesale markets

Now the prices of edible oil are rising as the companies have withdrawn their discounts on prices, leaving the distributor and wholesale traders to sell the essential item at higher prices. Prices of different brands of edible oil have gone up by three to four taka per litre in both retail and wholesale markets.

In the capital’s kitchen markets on Thursday, a five-litre can of Teer sold at Tk455-460, up from Tk450 a week ago. 

A five-litre can of Rupchanda sold at Tk480-490, up from Tk460-465 a week ago while a five-lire can of Pushti sold at Tk440 on the day, up from Tk430 a week ago. 

“In the last two days, the price of edible oil rose by three to four taka. Distributors have told us that the price will increase further in the coming days,” said Mamun Hossain, owner of Shah Miran Store at Santinagor kitchen market. 

Edible oil prices went up as US dollar gained against taka, officials of edible oil companies said, adding that companies withdrew discounts enjoyed by distributor and wholesalers. 

Talking to Dhaka Tribune, Biswajit Saha, director (legal and regulatory affairs) of City Group, which markets edible oil brand Teer, said: “We did not raise the price of edible oil but it will increase owing to US dollar gaining over taka.”

“We did not raise the price. However, the cost of production is rising. As a result,  we have withdrawn the discount on edible oil prices from distributors and wholesales traders,” said Asif Iqbal, deputy managing director FMCG of Meghna Group of Industries, which markets edible oil brand Fresh.

Housewife Shahanaj Begum went to the Shukrabad kitchen market and bought a five-litre Teer edible oil for Tk460, which she had bought for Tk450 a few days ago. 

“There is no monitoring. As a result the price of essential commodities is rising day by day. We are helpless,” Shahanaj lamented. 

On June 17, NBR Chairman Mosharraf Hossain Bhuiyan had said the prices of soybean oil might rise by two to three percent due to a spike in customs tariff and imposition of VAT for fiscal year 2019-20. 

According to retailers, the current maximum retail price of bottled soybean oil of different companies is Tk102 to Tk110 per litre while the companies sell soybean oil to the retailers at Tk85 to Tk90 per litre.

Bangladesh Edible Oil Ltd, City Group, Meghna Group, TK Group, S Alam, Bashundhara and Globe are in the leading local edible oil companies.

Meanwhile, onion prices are still high, with per kg local variety retailing for Tk190 to Tk210 yesterday. Onion imported from Myanmar sold for Tk160 to Tk180 while those from Turkey sold for Tk110 to Tk150 per kg at Malibagh, Shantinagar and Shukrabad kitchen markets. 

Prices of most of the essential commodities were stable in the capital’s kitchen market on Thursday.