B Mirror Report: A serious shortage of edible oil has gripped the market, reportedly due to the manipulative practices of unscrupulous traders.

Despite government-fixed prices, loose soybean oil, set at Tk 185 per litre, and bottled soybean oil at Tk 195 per litre, are being sold at inflated rates. Bottled soybean oil, in particular, is retailing at up to Tk 205 per litre in various markets.

Likewise, loose palm oil is being sold between Tk 170 and Tk 175 per litre, exceeding the official price of Tk 162 per litre.

On Thursday, most grocery shops across the capital experienced a noticeable shortage of edible oil supplies.

Ahmed, a shop owner in Mirpur, said that distributors have not supplied bottled oil for the past month, adding that his existing stock ran out on Monday.

Atrader based in Moulavibazar, stated that refiners have proposed a price increase for soybean oil to the commerce ministry. According to him, the state-run Bangladesh Trade and Tariff Commission has backed the proposal, and refiners are now awaiting a government decision on price adjustments.

He further noted that refiners are likely to resume supply once the government approves a price hike.

Recently, refiners proposed raising the price of bottled soybean oil to Tk 207 per litre, citing alignment with international market rates.

However, the commerce ministry has responded unfavourably to the proposal and has instructed the Directorate of National Consumers’ Right Protection (DNCRP) to intensify market monitoring efforts.

In an official notice, the ministry mentioned that reports of traders charging excessive prices had come to its attention through media coverage. It directed the DNCRP and other relevant authorities to take swift action against such practices.

Meanwhile, Humayun Kabir Bhuiyan, Secretary of the Consumers Association of Bangladesh (CAB), criticized the lack of effective market oversight. He alleged that a syndicate of dishonest traders is controlling the market.