Edible oil

Edible Oil Price Heats Up Despite Significant Global Drop

1.65 lakh tonnes of soybeans and 2.70 tonnes of palm oil were imported into Bangladesh in the past three months

Owing to its numerous uses as a cooking oil, preservative in a variety of foods, and even in shampoos, cosmetics, and biofuels, palm oil is one of the most well-known edible oils. The oil is derived from palm fruit and stands out from other oil crops due to its higher oil content. 

Price Trend Of Palm Oil in Bangladesh 

In the past two and a half months, the price of palm and soybean oil has decreased significantly by at least Tk200-250 per maund on the international market, but the product is still selling at a higher price on the domestic market. 

According to traders, the price of cooking oil has been increasing by Tk 200–300 per maund in the domestic market for the past two weeks even though the booking price is falling each day. Even now, traders are selling edible oil in the wholesale markets for 1000–1200 tk more than what they purchased at. 

As soon as the price of edible oil rises on the global market, importers immediately raise the price on the domestic market (according to traders at the Khatunganj wholesale market of consumer goods). However, for a few months, a drop in the global price has had no impact on the local market. Even then, as per Edible Oil Importers, after a regular production and supply of the oil in producing countries caused the international market price to decline slightly over the past 6 months, consumers of the commodity in the country did not benefit as the exchange rate of the dollar increased. 

Meanwhile, the domestic market is unaffected by the ongoing decline in edible oil prices worldwide. Instead, the cost of the goods is increasing on the domestic market as Ramadan approaches. Traders believe that Government supervision is necessary to calm down the edible oil price. Products that are currently on the market were previously purchased at higher prices. As a result, importers are unable to lower the price even though it has decreased on the global market. When the goods ordered at lower prices reach the market, oil prices will decline.

Palm Oil Price

The booking rate for unrefined palm oil on Thursday’s global market, according to Investing.com, was $920 per tonne. The booking rate for palm oil was $967 during the first week of January. 

According to a study of the global market, soybean oil sold for $1,481 on Thursday, up from $1540 in mid-January and even $1,548 in the third week of February. On the international market, the cost of palm oil and soybean oil decreased by $47 and $67 per tonne over the previous two and a half months. 

For the past six months, the importers and Khatunganj edible oil trader Aman Ullah have been selling oil at a price that is Tk 1000 above what is available on the international market, citing the rising cost of US dollars. In Khatunganj’s big wholesale market of consumer goods, palm oil was sold for Tk5,000 while soybean oil was sold for Tk6,800. Two weeks ago, the two kinds of cooking oil were priced at Tk4,700 and Tk6,600, respectively. 

Bangladesh’s Oil Imports

1.65 lakh tonnes of soybeans and 2.70 tonnes of palm oil were imported into Bangladesh in the past three months (December 2022 to February of this year), according to data from the National Board of Revenue of Bangladesh. The country imported 2.45 lakh tonnes of soybeans and 2.77 lakh tonnes of palm oil from January to February of the fiscal year 2021–22. 

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