Soyabean oil shortage returns as vegetable prices begin to climb

Bottled soyabean oil has once again vanished from markets, just two and a half months after a price hike temporarily improved its availability.

Consumers have complained that they cannot find cooking oil even after visiting multiple stores.

While Dhaka residents were already struggling with oil and rice prices, the affordability of winter vegetables provided some relief.

However, that relief is now fading, as prices of some vegetables have increased by Tk 5 to Tk 10 per kg.

On Friday, some shops at Mohakhali and Niketan kitchen markets were selling bottled palm oil instead of soyabean oil.

Although a few stores in Mohakhali had bottled oil, at least five shops in Niketan did not had no familiar soyabean oil brands in stock.

At Ripa General Store in Niketan kitchen market, a customer asking for soyabean oil was handed a bottle of palm oil — priced the same as soyabean oil.

A half-litre bottle was selling for Tk 85, meaning palm oil was being sold at the government-set rate of Tk 175 per litre for soybean oil.

When asked about the situation, store owner Faruk Hossain told bdnews24.com: “There has been an oil shortage for some time. Now, dealers want us to buy other products along with oil. Many customers specifically ask for bottled oil, so we keep this for them. If we get bottled soyabean oil, of course, we’ll sell it.”

One of the customers at the store Mohammad Sabur told bdnews24.com: “Even though I live in Mohakhali, I often have to go to Karwan Bazar just for oil. Otherwise, I have to buy bottled palm oil. The oil shortage has been going on for so long, prices even went up once, yet there’s still no solution.”

With just a week left before Ramadan, the fresh shortage of bottled soyabean oil has left consumers frustrated.

Al Amin, a shopkeeper at Masuma General Store in Mohakhali kitchen market, told bdnews24.com on Friday: “Two days ago, I received 10 cartons of soyabean oil, but I had to buy a sack of chinigura rice with it. Since rice sells well, I took it. But oil is a must-have.

“Sometimes, they force us to take slow-selling items, which puts us in trouble. This didn’t happen as often before, but ever since the oil shortage began, we’ve been forced to buy extra items.”

A similar soyabean oil shortage was seen in November and December last year.

Following discussions with the government, refiners raised the price by Tk 8 per litre on Dec 9.

Since then, the price of bottled soyabean oil has been Tk 175 per litre, while loose soyabean oil is Tk 157 per litre.

After the price hike, bottled soyabean oil briefly became more available.

SUPPLY EXPECTED TO STABILISE IN 7 TO 10 DAYS

With a similar crisis emerging within two and a half months, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association recently issued a statement.

According to the association, its companies are supplying more edible oil than usual to meet increased Ramadan demand, so there is no reason for a shortage.

The statement said if anyone is stockpiling oil to profit during Ramadan, the shortage will soon be over, as global prices for crude soyabean and palm oil remain stable.

Citing concerns over consumer panic, the association urged both consumers and edible oil traders not to engage in panic buying.

“The association is in regular contact with the relevant ministries, departments, and agencies of the government to address the situation,” the statement said.

When asked when the “extra” supply would hit the market, Shafiul Athar Taslim, director of TK Group, told bdnews24.com: “At a meeting with the Directorate of National Consumer Rights Protection two or three days ago, we told them that newly imported oil would enter the market within seven to 10 days. We are working accordingly.”

VEGETABLE PRICES START TO RISE

The supply of winter vegetables like cabbage, cauliflower, turnip, and hyacinth beans has declined compared with last week, leading to price increases, according to traders and buyers.

Hyacinth beans are now selling for Tk 30 to Tk 50 per kg, up from Tk 20 to Tk 40 last week.

Tomato prices have also risen, now ranging from Tk 30 to Tk 35 per kg, compared with Tk 25 to Tk 30 previously.

Cauliflower and cabbage prices have increased to Tk 25 to Tk 35 per piece, up from Tk 20 to Tk 30 last week.

Eggplants are being sold for Tk 60 to Tk 80 per kg, while green chilli prices have risen to Tk 60 to Tk 70 per kg from last week’s Tk 50.

Among other winter vegetables, bottle gourd prices range from Tk 50 to Tk 60 per piece, radish is Tk 30 per kg, a set of four lemons costs Tk 30 to Tk 50, and coriander leaves are selling for Tk 150 per kg.

Cucumbers are being sold at Tk 50 to Tk 65 per kg, carrot at Tk 40, papaya at Tk 30 to Tk 40, and taro stem at Tk 80 to Tk 100 per kg.

Among summer vegetables, bitter gourd is Tk 80 per kg, okra Tk 120, long beans Tk 140, sponge gourd Tk 80, and snake gourd Tk 80 per kg.

Speaking to bdnews24.com, Mohammad Yusuf, a vegetable trader at Mohakhali market, said, “The winter vegetable season is almost over, so supply has slightly decreased. That’s why prices have gone up. Summer vegetables are just beginning to arrive in the market.”

Abid Hossain, a private-sector employee and a regular buyer at the market, said, “Last week, I bought tomatoes for Tk 30 per kg—big, ripe ones. Today, I had to buy them at Tk 35 per kg. I also bought hyacinth beans for Tk 30 per kg.

“The sellers are saying the season is ending. But overall, most leafy greens and vegetables remain stable in price.”

The prices of potatoes and onions have remained stable. New potatoes are selling for Tk 20 to Tk 25 per kg. Locally produced onions cost Tk 40 to Tk 50 per kg, while Indian onions are priced at Tk 65 per kg.

Meanwhile, ginger prices range from Tk 140 to Tk 280 per kg, garlic from Tk 230 to Tk 240 per kg, local lentils at Tk 140 per kg, mung dal at Tk 180 per kg, chickpeas at Tk 110 per kg, and khesari dal at Tk 130 per kg. Miniket rice is being sold for Tk 78 to Tk 86 per kg, while Nazirshail rice costs Tk 76 to Tk 84 per kg.