85,000 ton arrive in port
Chattagram Bureau: Although there is a demand of 2 million tons of edible oil in the country every year, the import in the first eight and a half months of the fiscal year is more than that. Of this, about three and a half lakh tonnes have been imported in the last two and a half months. Most of which have been imported by the country’s top five industrial groups. Traders say that despite the recent rise in prices in the international market, the price of edible oil in the hands of importers has not gone up. Traders believe that there is no reason for the crisis of edible oil in the coming Ramadan, given the recent imports.
However, importers say that the way traders in the area are being harassed in the name of campaigning in the country, if it continues like this, there is a risk of crisis in Ramadan due to reluctance of field level vendors.
According to the Chattagram Customs House, 24 lakh 46 thousand 46 tons of edible oil has been imported in the eight and a half months from July 1 to March 14 of the current 2021-2022 fiscal year. Of this, 15 lakh 75 thousand 6 tons of palm oil crude came. 10 thousand tons of refined palm oil has been unloaded. On the other hand, soybean oil crude came to eight lakh 50 thousand 16 tons. Of this, the country’s top five industrial groups have imported 19 lakh 54 thousand 162 tons of edible oil.
According to port sources, two ships are still anchored at the port with edible oil which has not been cleared yet. It is learned that about 60,000 tons of edible oil is waiting to be unloaded. On the other hand, in the last two and a half months (January 1 to March 14), three lakh 56 thousand 699 tons of edible oil has been unloaded from the port. Most of which have been imported by eight companies of five industrial groups.
According to the data, in the last eight months, S Alam Super Edible Oil Limited and S Alam Vegetable Oil Limited, two companies of S Alam Group, among the top edible oil importers in the country, unloaded 4,46,401 tonnes of edible oil from the port in the first eight and a half months of the financial year. Of this, one lakh two thousand 154 tons were unloaded from January 1 to March 14.
In the first eight-and-a-half months, TK Group’s three companies Bay Fishing Corporation Limited, Shabnam Vegetable Oil Industries and Super Oil Refinery Limited have unloaded 8,73,069 tonnes of edible oil. Of this, one lakh two thousand 591 tons have been unloaded in the last two and a half months.
Similarly, Citi Group’s- City Edible Oil Limited and Vut Oil Refinery Limited have unloaded 4,31,308 tonnes of imported edible oil in eight and a half months. Of this, 85,464 tonnes of edible oil has been unloaded in the current two and a half months (till March 14). Meghna Edible Oils Refinery Limited, another top trading company of Meghna Group, unloaded 50,993 tonnes of soybean crude despite not importing palm oil. However, they have not imported any soybean in the last two and a half months.
On the other hand, Bashundhara, one of the leading industrial groups in the country, which recently entered the market for edible oil, has unloaded one lakh 50 thousand 63 tons of edible oil in the first eight and a half months in the name of Bashundhara Edible Oil Limited. In the last two and a half months, the industrial group has taken 42 thousand four tons of edible oil from the port in its own tank. Besides, Bangladesh Edible Oil Limited, another popular edible oil marketing company in the country, has unloaded 1,60,738 tonnes of edible oil in the first eight and a half months even though it did not import palm oil.
Of this, 32,069 tonnes of unrefined soybeans were unloaded from January 1 to March 14.
RM Enterprise is one of the top edible oil traders in Khatunganj, one of the largest wholesale markets for consumer goods in the country. Alamgir Parvez, head of the company, told that the government has already withdrawn VAT on edible oil.
Millers (importers) also have adequate stocks of edible oil. Like many other consumer goods, the demand for oil is high during Ramadan. The big millers also import in advance ahead of Ramadan. Recently, imports have been as expected. He said there was no reason for the crisis of edible oil in Ramadan.
Jasim Uddin, manager (marketing) of TK Group, the country’s top edible oil importer, told on Tuesday (March 15th) evening that it was not possible to give an accurate picture of the amount of edible oil that Millers currently have in stock. However, at present the market is moving towards stability.
He said there was still a risk of a crisis, adding that the way the operation was being carried out in rural, traders were being fined for hoarding 20 to 50 drums of oil. That’s why rural traders are not interested in buying oil. Consumers may not be able to reap the benefits of Ramadan even if they have enough imports or stocks from millers. This may create a shortage in the consumer market.
He said that the price of edible oil is increasing in the international market. Now many are saying that the oil that is currently in stock should be imported first. And if you book now, you will definitely have to count the losses when this oil comes to the market. When the market falls, selling at a lower price and falling into losses, there is no one by the side of the millers. If it only increases, it becomes chai. He also claimed that many of the once well-known establishments in Chattagram have already closed down due to low prices after buying at higher prices.
85,000 tons more arrive in port
Three ships carrying 75,000 tons of crude soybean oil imported from different oil refineries of the country are coming to Chattagram port. Meanwhile, two ships named MT Pacific Ruby and MT Lucas are anchored at the port of Chattagram with 32,000 tons of oil.
Another large ship named MT Stavanger Pioneer with 43,000 tons of oil will enter the waters of Bangladesh on Thursday (March 18). Chattagram Port Secretary Omar Farooq confirmed the information at noon on Wednesday (March 18).
According to port sources, 85,000 metric tonnes of crude soybean oil from the country’s private soybean oil refinery and marketing group TK, City, Bangladesh Edible Oil, Meghna and Sena Edible Oil is coming to Chattagram.
Of these, 32,000 tons of oil have been unloaded from two ships today. The unloading process will begin when the remaining ship arrives at Chattagram port on Thursday or Friday with 43,000 tons of oil.
At this time of soybean oil crisis, after refining 75,000 tonnes of imported soybeans, the importers think that the oil crisis will not go away.
According to Chattagram Port sources, a ship named MT Stavanger Pioneer with about 43,000 metric tons of crude oil from Bangladesh Edible Oil, Citigroup and Sena Edible Oil is waiting to arrive at Chattagram Port. The ship will enter the outer harbor of Chattagram port on Friday or Saturday. Then the unloading of oil from this ship will start. The importers hope that it will be possible to market the oil within 10 to 12 days after the unloading.
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