The prices of mustard oil and soybean oil have increased up to 5% and 10% per litre over one week in Dhaka markets.
According to Trading Corporation of Bangladesh (TCB), five-litre bottles of soybean oil are presently being sold at Tk510-Tk530, which was between Tk490 and Tk520 last week.
Mustard oil bottles are being sold between Tk140 and Tk160 per litre, the price for which ranged between Tk130 and Tk145 the previous week. Unbranded mustard oil is being sold between Tk85 and Tk90, while last week’s price was between Tk80 and Tk85, said Shahabuddin Mia, a retailer at Sukrabad.
"We are selling edible oil at a higher price but do not know why the companies increased the price of everyday commodities," he added.
The Vice-President of Consumers Association of Bangladesh (CAB) SM Nazer Hossain said: "The price went up because of absence of government monitoring of the local markets. Some dishonest businessmen stock up on the oil and delay supply, causing prices to increase."
"Consumers are suffering because of the price hike of essential commodities. The Commerce Ministry must oversee the market to keep the prices stable," he added.
On a visit to different local markets, Dhaka Tribune found bottles of mustard oil being sold at different prices. One litre of mustard oil of Radhuni was being sold at Tk220 and Makhtum at Tk240. Pusti soybean oil bottles were being sold at Tk505, Teer at Tk525 and Rupchada at Tk530 per litre.
Md Abdul Jalil Bhuiyan, a resident at Kalabagan, said the rising price in Dhaka and elsewhere in the country was putting the middle and lower income groups under pressure.