Bangladesh: Bottled soybean oil supply still scarce in Dhaka

Published 2024년 12월 17일

Tridge summary

The article highlights the ongoing scarcity of bottled soybean oil in markets across Dhaka, Bangladesh, despite the government's effort to address the issue through a price increase. The scarcity is attributed to rising global prices of soybean and palm oil, leading to stockpiling by local businesses and hoarding by consumers. In response, the government has exempted import tax and reduced the value-added tax (VAT) on sunflower and canola oil to stabilize the market and make these oils more affordable. The article also mentions the extension of these tax benefits for soybean and palm oil until 31 March and discusses the potential for increased imports of sunflower and canola oil. However, the lack of response from a major edible oil importer on the current shortage indicates ongoing challenges in ensuring a stable supply of essential cooking oils in the country.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Bottled soybean oil is still not available as usual in markets across Dhaka, despite the government's Tk8 hike per litre on 9 December, nearly a week ago. The scarcity of soybean oil has lasted almost a month, following price hikes by refining companies in response to rising global prices of soybean and palm oil. Reports from areas such as Kalyanpur, Karwan Bazar, and Hatirpool yesterday revealed the ongoing shortage. After discussions with the Ministry of Commerce, the price of bottled soybean oil was raised to Tk175 per litre, up from Tk 167, while the price of loose soybean oil increased to Tk157, from Tk149. Following a meeting with edible oil traders, Commerce Adviser Sheikh Bashir Uddin said, "The price of soybean oil in the international market has increased by 20%, prompting local small businesses to stockpile. Many expected further price hikes, which led to hoarding. Based on a practical analysis of the overall situation, the new price was set." The adviser also confirmed ...

Source: TBS