Oil, sugar prices see further spike in Bangladesh

Published 20 Aug,2021 via The Financial Express - Prices of edible oil and sugar witnessed another hike last week, further raising woes of the commoners who are already battered with the sky-rocketing trends of other commodities.

The reopening of restaurants after months of lockdown has pushed up the demand for loose edible oil and sugar, causing a spike in prices, according to traders.

Loose soybean and palm oil prices saw a hike of Tk 4.0-5.0 per litre at retail level, much to the chagrin of the common masses.

Loose soybean price has risen to Tk 130-134 a litre while super palm to Tk 120-124 in the past seven days.

Traders said normal palm oil was traded at Tk 115-118 a litre on Thursday.

Loose sugar price has increased to Tk 72-75 a kilogram while packet sugar to Tk 78-80 a kg-up Tk 2.0-3.0 in a week.

However, the price of bottled soybean oil remained static at its previous high as half litre was sold at Tk 80-85 and one litre at Tk 149-153 a jar.

Ariful Hoque, a grocer at Rayerbazar, says loose soybean wholesale price has surged by Tk 150-180 a maund as sold at Tk 4,850-4,900 a maund (37.32 kg or 40.5 litres) at Moulvibazar in Dhaka.

Super palm oil price has shot up to Tk 4,700 a maund in the last 10 days, he stated.

Mr Hoque said wholesale sugar price has showed a Tk 80-100 hike again this month as selling at Tk 2,600-2,610 a maund (37.32 kg).

Kader Sobhan, a Mohammadpur Krishi Market-based trader, says apart from rising cost globally, demand for both oil and sugar has increased after the reopening of restaurants in Bangladesh this month.

Mill-gate prices of both cooking oil and sugar have been reviewed recently, he adds.

However, the Trading Corporation of Bangladesh has recorded a 6.0-per cent hike in edible oil prices in the past one week.

The hike has been more than 7.0 per cent for sugar.

The current edible oil prices are 40-70 per cent higher than that of a year ago, according to the state agency.

Sugar prices are currently 23.5 per cent higher than that of last year, it reveals.

Consumers Association of Bangladesh vice-president SM Nazer Hossain says higher import duty and growing global price trends are hitting consumers doubly during Covid-19.

Import duty should be minimised for the greater interest of millions of people, he added.

Mr Hossain suggested that market monitoring be heightened to prevent any price manipulation and the government's market operation of subsidised essentials be expanded largely.

Meanwhile, prices of different rice varieties have remained static as coarse variety retailed at Tk 50-52, medium at Tk 55-58 and finer at Tk 65-80 a kg.

Broiler chicken, ginger, and spices like cardamom, cinnamon, cumin and turmeric powder showed a slight hike last week.

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