Soybean Oil Price Reduced by Tk 10 Per Liter and Onion Coming from India
Government Decides to Reduce Prices of Soybean Oil by Tk 10 Per Liter
A determination has been reached to implement a reduction in the price of soybean oil, lowering it by Tk 10 per liter. The revised pricing structure is scheduled to be enforced commencing March 1st.
The decision to reduce the price of soybean oil was taken at a task force meeting on commodity prices and market conditions held at the Ministry of Commerce today, Tuesday. The meeting was chaired by Commerce Minister Ahsanul Islam.
Commerce Minister Ahsanul Islam mentioned that the duty on edible oil has been reduced by Tk 5 per liter at the National Board of Revenue (NBR). Addressing the businessmen, he said, “The government has reduced Tk 5. Now, with Ramadan approaching, you should also reduce your prices by Tk 5.” The businessmen and oil refiners present at the meeting agreed to this. As a result, the price of soybean oil is decreasing by Tk 10 per liter.
Currently, soybean oil is available at Tk 173 per liter in the local market. Following a price reduction, it will be sold at Tk 163 per liter beginning March 1st. Additionally, loose soybean oil will be available for purchase at Tk 149.
However, it is learned that the prices of palm oil or other products besides soybean oil are not being reduced at the moment.
Indian Government Allows Onion Imports to Bangladesh and Five Other Countries
The Indian government has allowed limited exports of onions to six countries, including Bangladesh. Despite a decrease in the wholesale price of onions to Tk 5 per kg, there has been no significant impact on the retail market.
Today, Tuesday, it has been observed in the markets of Mohammadpur, Mirpur, Uttar, and Karwan Bazar in the capital that new varieties of onions are being sold at Tk 110 to Tk 120 per kg. Onions are being demanded at Tk 100 to Tk 105 per kg in some places. However, these onions are considered slightly inferior in quality.
Traders have informed that for the past three to four days, the situation in the onion market of Dhaka has remained the same. However, in some places, the wholesale price of onions has decreased by Tk 5 per kg in the retail market. Traders claim that due to a decrease in the supply of new onions, there is no impact on the market.
Although there has been no significant impact on the wholesale market, wholesale traders say that they have been able to buy onions at a lower price by Tk 5 per kg overnight. If these onions arrive in the market, the price may decrease slightly. It is the traders’ perception that if imported onions start coming in or there is an increase in the supply of local onions in the market, the prices will decrease.
Wholesale traders in Dhaka say that onions are being sold at Tk 500 to Tk 550 per sack (5 kg) today. If you negotiate, you can get onions for a little less. Traders there say they bought onions for Tk 102 to Tk 105 per kg yesterday and today they bought them for Tk 97 to Tk 100 per kg. The wholesale price has decreased by Tk 5 per kg overnight. Traders here think that if imported or local onions come to the market in large quantities, the prices will decrease.
The Indian government, in the wake of last year’s skyrocketing onion prices, had imposed a ban on onion exports until March 31 of the current year. However, the central government of India has allowed onion exports to six countries in response to recommendations from the Ministry of Foreign Affairs. However, Indian media could not confirm how much onion will be exported to which countries and when. The countries to which India will export onions are Bangladesh, Sri Lanka, Mauritius, Bahrain, Bhutan, and Nepal.
