Jumbangla Desk: In the last one month, the open soybean and palm oil prices have increased abnormally in the country's market. During this period, the price of soybeans increased by Tk 10 per liter and the price of palm oil increased by a maximum of Tk 15 per liter. However, the price of bottled edible oil remains stable.

Traders say that the reason for the increase in prices in the international market is that the companies have increased in the country. At the same time, due to low supply, prices have increased.

However, according to the sources of the Ministry of Commerce, more edible oil has been imported in the fiscal year 2023-24 compared to the demand in the country. In this financial year, crude edible oil has been imported at 23 lakh tonnes. Production in the country is 2 lakh 50 thousand tons. And the total demand of edible oil in the country is 2.2 million tons.

Trading Corporation of Bangladesh (TCB) market monitoring report on Saturday (October 5) revealed that open soybean oil was sold at Tk 151 to Tk 155 per liter. Last month which was sold at 145 to 152 rupees. Palm oil sold at Tk 137 to Tk 142 on Saturday, compared to Tk 135 from Tk 130 last month.

Edible oil trader of Karwan Bazaar in the capital. Majidul Islam said that the price of soybean oil has increased by Tk 10 per liter and the price of palm oil has increased by Tk 15 per liter in the last one month. Oil companies have said that due to the increase in the price of oil in the world market, it has also increased in the country.

Another businessman, Nazrul Islam, said that a few months ago, the price of a barrel of soybean oil of 204 liters was 29,000 taka. That is, per liter was 142 taka 16 paisa. At present one barrel of soybean oil has to be bought for 31 thousand taka. It is 151 taka 96 paisa per liter. Earlier, the price of palm oil per barrel was Tk 25 thousand. According to this, the price per liter was 122 taka 55 paisa. Currently, each barrel is being sold at 29 thousand 750 taka. That is, the price per barrel has increased by 4 thousand 750 taka, per liter has increased by 23 taka 28 paisa.

A handful of companies supply edible oil to the country's market, including City, Meghna, S Alam, TK, Shabnam, Bashundhara and Butterfly Group. Earlier S Alam Group used to sell SO (Supply Order) at relatively low prices without delivering the product. Now the company's imports have reduced.

Bashundhara Group Director (Marketing) Redoyanur Rahman said about the increase in the price of oil, "The price of palm oil has reached a record in the world market. Over the past 20 years, palm oil has outperformed crude soybean oil. In the world market, crude soybean oil is being sold at $1,100 per ton and palm oil is being sold at $1,125.

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He said, 'When there is a supply crisis, the price of products increases. In a competitive market, there is no scope for price increases when there is an oversupply of the product.'