Bangladesh's edible oil market heats up despite global price decline

Other Edible Vegetable Oil

Bangladesh

Published Nov 11, 2021

Tridge summary

The price of edible oil has been on the rise in the domestic market, although its price has come down a lot in the international market. In the international market, palm oil price came down by Tk309 per maund in the last week, but instead of decreasing, its price has gone up by Tk450 in the domestic market. Traders said despite the reduction in booking prices in the international market, the price of edible oil is increasing at Khatunganj, the largest wholesale market for consumer goods in the country, due to manipulation by importers and wholesalers. On Tuesday, per maund (40.90 kg) of palm oil was sold at Tk5,050 in Khatunganj, which was Tk4,600 only a week ago. As such, the price of per maund of palm oil has gone up by Tk450 in a week.

Original content

According to traders, at present, TK Group's Bay Fishing Palm Oil is selling at Tk5,050 per maund, S Alam's at Tk5,040 while City Group, Meghna Group and Bashundhara Group's palm oil at Tk5,030 per maund. Along with palm oil, the price of palm super oil has also gone up by around Tk500 per maund. One week ago, per maund of palm super oil was sold in the market at Tk4,700, which is now selling at Tk5,200. Currently, TK Group's palm super oil sells at Tk5,200, S Alam's at Tk5,190 and other groups' (Meghna, City and Bashundhara) palm super oil at Tk5,180. At present, per maund of soybean is being sold in Khatunganj at Tk5,460, which was sold at Tk5,000 a week ago, increasing by Tk460 per maund in a week. Commenting on the reason behind the rise in edible oil prices in the domestic market, Abdur Razzak, an edible oil trader in Khatunganj and also the proprietor of Messrs Ismail Traders, said, "The price of edible oil in the international market has come down by Tk300-Tk400 in the last ...

Source: TBS