Edible oil prices soar at Khatunganj

The prices of edible oil skyrocketed at Khatunganj, the largest wholesale commodity market in the port city.

On Sunday, the price of palm oil was Tk4300 per maund (one maund equals to 40.90 litres), that of soyabean oil was Tk4700 per maund and that of super palm oil was Tk4450 per maund. According to traders, the prices were Tk3900 (palm oil), Tk4400 (soyabean oil) and Tk4250 (super palm oil) a month ago.

M Rashed, a dealer of Khatunganj, told the Business Insider Bangladesh that the prices have increased on average Tk400 per maund over the last three months.

The booking rates have increased in the international market since last week and that reflected in the wholesale market, he said.

The demand for edible oil increases by one lakh tonnes during Ramadan every year and eventually prices increase.

According to IndexMundi, palm oil price in the international market was 2428 Malaysian ringgit per tonne in September last year which increased to 4116 ringgit in February this year.

According to officials of the Chattogram Customs, around 6.52 lakh tonnes of refined and crude palm oil and 3.95 lakh tonnes of soyabean oil were imported over the last nine months of the current fiscal year.

“The government fixed the edible oil price for Ramadan which might be the reason for an increasing price here,” said a trader, who preferred not to be named. A price cut of Tk3 per bottle did not have much impact on edible oil prices in the retail market, he added.