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Bangladesh - March 26, 2022

Soybean oil prices further reduced

Chattogram Bureau: Traders are being forced to reduce the price of soybean oil by Tk 9 per liter at the wholesale level to increase sales as supply increases in contrast to demand in the buyer-less consumer market. Similarly, the price of ginger, garlic and onion has been reduced to Tk 15-25 per kg. Even the price of sugar and gram has also been reduced to Tk 1-2.
It was seen that rows of freight trucks on Thursday afternoon indicate that the wholesale supply system is in “full swing”. On the other hand, the lack of vehicles on the delivery side indicates that there is a “consumer crisis” in the market.
As a result, the prices of consumer goods are decreasing per hour.
The edible oil market is collapsing the most. Within a day, the price of all kinds of edible oil has come down to Tk 300-500 per mound. Although the government has issued a notification to reduce VAT, the rate has not arrived yet from the mill. Before that, traders are being forced to reduce prices to increase sales.
Altaf A. Ghaffar, owner of Khatunganj
M/S Altaf & Brothers in Chattogram, said that the price of sugar was “low” and no one was selling it at a higher price.
The prices of onion-ginger and garlic, known as common spices, are also falling. Neighboring India has reduced the price of the onion by Tk 15 per kg. Its impact has also fallen in the market of Bangladesh. One of the reasons for the price reduction is the “lack of consumers”.
Jabed Iqbal, owner of Khatunganj M/S Kazi Store in Chattogram, said the rate has been reduced by Tk 15 in India. The market is at a tolerable level due to adequate imports.
The price of gram has come down to Tk 1-2 per kg as there is no opportunity for manipulation in the buyer-less market.
Mohammad Mohiuddin, an owner of M/S FM Traders, said sales were much lower this year than last. Prices are also declining due to the high supply of goods.

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