Oil dearth holds back TCB sales again
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Monday
February 06, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
MONDAY, FEBRUARY 06, 2023
Oil dearth holds back TCB sales again

Bangladesh

Abul Kashem & Shawkat Ali
14 June, 2022, 11:20 am
Last modified: 14 June, 2022, 01:09 pm

Related News

  • Oil falls about 3% as strong US jobs data prompt interest rate concerns
  • Oil heads for weekly loss awaiting China recovery signs
  • Oil climbs as dollar slumps, OPEC+ keeps output cut policy
  • Bangladesh proposes Saudi Arabia supply crude oil on deferred payment basis
  • Oil steadies after falling on rate hike worries, Russian crude flows

Oil dearth holds back TCB sales again

Abul Kashem & Shawkat Ali
14 June, 2022, 11:20 am
Last modified: 14 June, 2022, 01:09 pm
How expensive is soybean oil now, after a continuous price hike for over a year? Photo: Mumit M
How expensive is soybean oil now, after a continuous price hike for over a year? Photo: Mumit M

The Trading Corporation of Bangladesh (TCB) has deferred the sales of daily essentials to 1 crore poor families at subsidised rates from 16 June as the edible oil mills did not supply the required soybean oil to the government, according to officials.

For the subsidised sales, the state-owned TCB in May asked the mills to supply 2.50 crore litres of soybean at Tk192 per litre – less than the Tk198 retail price at the time. But the millers did not respond to that.

They have now agreed to supply the oil after the commerce ministry raised the price of the edible oil on 9 June.

Although it is not yet finalised when the TCB sales would begin, TCB Chairman Brigadier General Md Ariful Hassan told The Business Standard that 1 crore poor families would get the essentials before Eid-ul-Azha, the second largest Muslim festival to be celebrated in the second week of July.

The TCB sales were supposed to begin on 16 June and continue till 30 June. Earlier, the corporation announced that sales in the capital would begin on 16 May, but suspended them at the last minute.

Commerce ministry officials said the government would distribute 2kg of lentils, 2 litres of soybean oil and 1kg of sugar at subsidised prices before Eid-ul-Azha to each family that has a family card.

As the millers refused to supply oil at Tk192 per litre, the TCB subsequently readjusted the tender price to the maximum retail price of Tk198. But the mills did not agree to that move till Wednesday last week, saying they had already been in negotiations over the price hike with the government.

On Thursday, the commerce ministry raised the price of bottled soybean to Tk205 per litre. Then the mills agreed to supply oil at the mill-gate rate of Tk195 per litre. But the supply has not reached the TCB yet.

TCB needs 2.50 crore litres of edible oil. At present, it has a stock of 21 lakh litres, which can meet only 10% of demand.

In the wake of the uncertainty over soybean oil supply, the corporation was advised to buy rice bran oil by the commerce ministry. The corporation is in the process of purchasing 5,000 tonnes of oil directly from the country's rice bran oil mills.

The corporation informed the commerce ministry that it had 20,000 tonnes of lentils and 10,000 tonnes of sugar in stock, which was sufficient to meet demand.

In a letter to the commerce ministry on 8 June, the corporation expressed concerns over implementing the subsidised sales successfully due to complications over edible oil procurement.

Earlier, Commerce Minister Tipu Munshi offered an explanation to reporters about the suspension of TCB's sales from 16 May. He said sales would start after family cards for the poor were readied in Dhaka and Barishal.

Previously, anyone could buy edible oil and other essentials from the open truck sale. However, now only family cardholders will be able to buy the subsidised products during the special food drive.

Economy / Top News / Bazaar

TCB / Oil / edible oil

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • A man walks past by a collapsed building after an earthquake in Malatya, Turkey February 6, 2023. Depo Photos via REUTERS
    Over 350 dead, many trapped under rubble as 7.9 magnitude quake rocks Turkey and Syria
  • LC issues lead to severe shortage of surgical equipment
    LC issues lead to severe shortage of surgical equipment
  • How govt is losing dividend from six listed firms
    How govt is losing dividend from six listed firms

MOST VIEWED

  • Bangladesh's GDP growth to stay below pre-pandemic level even in FY27: IMF
    Bangladesh's GDP growth to stay below pre-pandemic level even in FY27: IMF
  • Photo: TBS
    Basecamp launched at Foy’s Lake in Ctg
  • Second terminal of Hazrat Shahjalal International Airport, Dhaka/Photo- Zia Chowdhury/TBS
    Dhaka airport flights to remain suspended for 5 hours every night for 2 months
  • Photo: Screenshot
    ChatGPT explains why a country seeks IMF loan
  • Dhaka isn't safe after midnight: DMP 
    Dhaka isn't safe after midnight: DMP 
  • Hero Alom. Photo: Collected
    Hero Alom defeated in Bogura-4 by-poll by 834 votes

Related News

  • Oil falls about 3% as strong US jobs data prompt interest rate concerns
  • Oil heads for weekly loss awaiting China recovery signs
  • Oil climbs as dollar slumps, OPEC+ keeps output cut policy
  • Bangladesh proposes Saudi Arabia supply crude oil on deferred payment basis
  • Oil steadies after falling on rate hike worries, Russian crude flows

Features

Photo: Collected

Get your partner a lovely present this Valentine's Day

3h | Brands
Pottery Wheel Craft Kit: A creative outlet for little hands

Pottery Wheel Craft Kit: A creative outlet for little hands

2h | Brands
Say it with Colours

Say it with Colours

1d | Mode
Photo: Courtesy

From 'Made in Bangladesh' to 'Designed in Bangladesh'

1d | Panorama

More Videos from TBS

Stage plays are going on in the digital age

Stage plays are going on in the digital age

1h | TBS Stories
Why does all the versatile roles go to Jisan?

Why does all the versatile roles go to Jisan?

1h | TBS Entertainment
ICB to withdraw Padma Bank Investment as return

ICB to withdraw Padma Bank Investment as return

18h | TBS Insight
Kiara Advani & Sidharth Malhotra's Wedding Update

Kiara Advani & Sidharth Malhotra's Wedding Update

18h | TBS Entertainment

Most Read

1
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

2
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

3
Belal Ahmed new acting chairman of SIBL
Banking

Belal Ahmed new acting chairman of SIBL

4
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

5
Photo: Collected
Startups

ShopUp secures $30m debt financing to boost expansion, supply chain

6
Photo: Courtesy
Panorama

From 'Made in Bangladesh' to 'Designed in Bangladesh'

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net