Edible oil price heats up in Bangladesh despite significant global drop

The price of palm and soybean oil has dropped drastically by at least Tk200-250 per maund in the international market in the past two and a half months, but the commodity is still selling at a higher rate in the domestic market. Although the booking price is decreasing every day, the price of cooking oil has been rising by Tk200-300 per maund in the domestic market for the past two weeks, according to traders. Even currently, in the wholesale markets, traders are selling edible oil from Tk1000 to Tk1200 higher than the purchase price. Edible oil traders of Khatunganj wholesale market of consumer goods said as soon as the price of edible oil goes up in the international market, importers increase the price in the domestic market without any delay. But when the global price drops, it does not make any effect on the local market even for a few months. However, edible oil importers said due to the normal production and supply in producing countries, the prices in the international ...