Edible oil market heats up despite global price decline
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

Sunday
February 05, 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
SUNDAY, FEBRUARY 05, 2023
Edible oil market heats up despite global price decline

Bazaar

Omar Faruque
10 November, 2021, 12:30 pm
Last modified: 10 November, 2021, 01:30 pm

Related News

  • Mustard revolution to save Tk10,000cr annually in imports: Agri Minister
  • Reduced VAT on edible oil extended for another four months
  • 50% edible oil to be produced in country by next 3 years: Agri minister
  • Price of soybean oil up by Tk12, sugar by Tk13
  • Stern action if edible oil prices tempered: Tipu Munshi

Edible oil market heats up despite global price decline

Edible oil price increases by Tk450 per maund in a week

Omar Faruque
10 November, 2021, 12:30 pm
Last modified: 10 November, 2021, 01:30 pm

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.

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 one week, but instead of decreasing, its price increased in the domestic market. The edible oil market has once again become volatile due to local trade conducted by a syndicate of importers and wholesalers." 

Local trade means that the product is repeatedly sold from one hand to another, he explained.

According to tradingeconomics.com which provides data on economic indicators and financial markets, per tonne of palm oil was sold at Tk1,04,966.04 in the international market on 3 November. Adding a cost of Tk10,000 per tonne, the purchase price of per maund of palm oil stood at Tk4,979. 

After a week, on Tuesday, per tonne of palm oil was sold at Tk97,858.11, decreasing by Tk7,107.94. As such, the price of palm oil came down by Tk309 per maund in the last week. But instead of decreasing the price of the product in the domestic market, it has increased by Tk450.

Similarly, a week ago, soybeans were sold at $1,400 per tonne in the international market, which is currently being sold at $1180. As such, the price of soybean oil in the international market has come down by $220 per tonne in the last week.

According to the information above, the booking price per maund of soybean oil in the international market was Tk5,276 last week. It is now being sold at Tk4,511, decreasing by Tk765 in a week. But, instead of decreasing, the price of soybean oil in the domestic market has increased by Tk460.

Regarding the price hike, Mohammad Alamgir, proprietor of edible oil importer RM Trading, said, "It is true that the price of edible oil in the international market has come down a bit in the last week. However, the edible oils that are being sold in the market now were imported earlier. The products that are being booked at present will take at least one more month to reach the market."

The importer thinks that it will take at least two to three weeks for the price of edible oil to come down in the local market.

However, Zia Uddin, an edible oil trader in Khatunganj, said, "If the booking price of any product increases in the international market, the price of the product increases immediately in the local market. But when the price of that product decreases in the international market, its price in the domestic market does not decrease easily."

"It so happens because the edible oil market in the country is being held hostage by a handful of importers," the trader alleged.

Economy / Top News

edible oil / Edible oil price / edible oil prices / Edible oil market

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

  • GDP growth declines to 7.1% in FY22, per capita income $2,793
    GDP growth declines to 7.1% in FY22, per capita income $2,793
  • Oil’s New Map: How India turns Russia crude into the west's fuel
    Oil’s New Map: How India turns Russia crude into the west's fuel
  • Photo: Collected
    Adani’s power to come to Bangladesh in first week of March: Nasrul Hamid

MOST VIEWED

  • Representative Photo: Pixabay.
    Refined sugar prices rise by Tk5 per kg
  • Import curbs drive up spice prices
    Import curbs drive up spice prices
  • File Photo: Saikat Bhadra/TBS
    Market manipulation: Holding companies accountable may not be easy
  • The cultivation of winter vegetables is in full-swing on the banks of Chattogram’s Dohazari Shankh river. Winter vegetables are cultivated in large areas in Munshir Char on the north of the river while in Dharmapur, Rasulabad, Chagachar on the south.The vegetable produce in Dohazari area, where this photo was taken, are also exported to various Middle East countries. Photo: Mohammad Minhaj Uddin.
    Dohazari vegetable hub picks up steam as winter arrives
  • TCB to procure 2.20cr litres of soybean oil for OMS
    TCB to procure 2.20cr litres of soybean oil for OMS
  • Price of soybean oil up by Tk12, sugar by Tk13
    Price of soybean oil up by Tk12, sugar by Tk13

Related News

  • Mustard revolution to save Tk10,000cr annually in imports: Agri Minister
  • Reduced VAT on edible oil extended for another four months
  • 50% edible oil to be produced in country by next 3 years: Agri minister
  • Price of soybean oil up by Tk12, sugar by Tk13
  • Stern action if edible oil prices tempered: Tipu Munshi

Features

Say it with Colours

Say it with Colours

9h | Mode
Photo: Courtesy

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

11h | Panorama
Google must adjust to a world where content is increasingly generated by AI. Photo: Bloomberg

Google will join the AI wars, pitting LaMDA against ChatGPT

8h | Panorama
The megaproject Rooppur Nuclear Power Plant has a debt of Tk90,474 crore. Photo: Courtesy

Projects funded with debt need to be selected prudently, and implemented timely

9h | Panorama

More Videos from TBS

ICB to withdraw Padma Bank Investment as return

ICB to withdraw Padma Bank Investment as return

2h | TBS Insight
Kiara Advani & Sidharth Malhotra's Wedding Update

Kiara Advani & Sidharth Malhotra's Wedding Update

2h | TBS Entertainment
US shoots down Chinese spy balloon

US shoots down Chinese spy balloon

58m | TBS World
Lack of coordination, policy biggest problems

Lack of coordination, policy biggest problems

5h | TBS Round Table

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
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

4
Photo: Collected
Court

Japanese mother gets guardianship of daughters, free to leave country

5
Belal Ahmed new acting chairman of SIBL
Banking

Belal Ahmed new acting chairman of SIBL

6
Photo: Collected
Startups

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

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