Soybean oil supply shortage persists

The supply of bottled soybean oil in the market has improved slightly but has yet to fully meet demand. Meanwhile, the price of lemons, which spiked at the beginning of Ramadan, has not decreased significantly.

However, the prices of cucumbers, eggplants, broiler and Sonalika chicken have declined over the past two weeks. Additionally, the prices of some fruits, including watermelon and oranges, have also dropped.

This was observed during visits to Kazipara, Mohammadpur Agricultural Market, Town Hall Market, and Karwan Bazar on Thursday, where sellers shared insights on market trends.

According to traders, demand for essential items surges at the beginning of Ramadan, causing price hikes. Supply shortages contribute to this, and some traders take advantage of the situation by increasing prices. However, after the first 10 days of Ramadan, demand typically eases, leading to price reductions.

A market survey revealed that the bottled soybean oil shortage has persisted for around one and a half months. While edible oil producers claim they are supplying oil as per demand, retailers report that they are not receiving sufficient stock from dealers.

Commerce Advisor Sheikh Bashiruddin acknowledged the soybean oil supply crisis. During a visit to the Mohammadpur Town Hall Raw Market on Monday, he assured that the supply would normalise within two days. However, after visiting the markets on Thursday this correspondent found that although availability has slightly improved, it remains below demand.

In four Dhaka markets, most shops had bottled soybean oil, but in limited quantities. Humayun Kabir, a vendor at Mohammadpur Agricultural Market, stated, “Earlier, I wouldn’t receive oil even after ordering three to four weeks in advance. Now, dealers are supplying it weekly, but in lower quantities than needed.”

Two weeks ago, at the beginning of Ramadan, fresh lemons were selling for Tk 50-80 per hali (four pieces), depending on quality. As of yesterday, prices had slightly decreased to Tk 40-80 per hali.

Market visits revealed that prices of several vegetables, including eggplants, chilies, cucumbers, and tomatoes, have dropped slightly. Eggplants are currently being sold at Tk 60-90 per kg, down by Tk 20 per kg from last week. Cucumbers are now Tk 40-50 per kg, a decrease of Tk 10-20. Tomatoes are selling for Tk 20-25 per kg, while green chilies are priced at Tk 50-60 per kg. Being the winter season, most vegetable prices have remained stable.

Meanwhile, potato and onion prices continue to be low due to ample supply. Potatoes are selling for Tk 20-25 per kg, while local onions are priced at Tk 40-50 per kg. According to Trading Corporation of Bangladesh (TCB) data, at the same time last year, potatoes were Tk 35-40 per kg, and onions were Tk 80-100 per kg. Retailers attribute the current low prices to the ongoing harvest season.

However, there is still instability in the rice market. Prices, which surged a month and a half ago, have not declined. Instead, miniket rice prices increased by Tk 2-3 per kg last week, adding to consumer concerns.

The prices of broiler and Sonalika chicken have decreased by Tk 10-20 per kg over the past two weeks. At the beginning of Ramadan, broiler chicken was sold for Tk 200-220 per kg, but yesterday, it was available for Tk 180-210 per kg.

Similarly, Sonalika chicken prices have dropped to Tk 280-300 per kg. The price of farm chicken eggs has also decreased by Tk 5 per dozen, with eggs selling for Tk 120 per dozen.

However, the prices of beef and mutton remain high. At the start of Ramadan, mutton prices increased by Tk 50 per kg and beef by Tk 30 per kg. These increases have persisted, with mutton selling for Tk 1,150 per kg, goat meat for Tk 1,050 per kg, and beef for Tk 750-780 per kg.

There has been no reduction in fish prices, which have remained unchanged for months. Currently, cultivated rui (2 kg) is being sold for Tk 350-380 per kg, tilapia for Tk 200-220, pangash for Tk 180-220, koi for Tk 250, pabda for Tk 400, shing for Tk 450, and shrimp for Tk 650-800 per kg. The price of hilsa remains out of reach, with the fish selling for Tk 2,600-2,800 per kg.

Among fruits, the prices of watermelon, oranges, melons, and ripe papayas have slightly decreased. Watermelon, which was Tk 60-70 per kg at the beginning of Ramadan, is now Tk 40-50 per kg. Orange prices have dropped by Tk 30-40 per kg, now selling for Tk 260-280 per kg. However, apple prices have increased, with prices ranging from Tk 320-400 per kg, depending on the quality. The prices of other fruits remain unchanged.

Farhana Yasmin, a resident of Mohammadia Housing in Dhaka, told Prothom Alo, “While vegetable prices have remained reasonable this Ramadan, there are issues with the supply of soybean oil, and fish, meat, and milk prices remain significantly high.”