Companies producing edible oil are saying that they did not hike the price of this product. The supply of edible oil is normal. Its demand did not rise either but still the price of edible oil has increased.
Sources associated with wholesalers have said that wholesalers are buying edible oil paying the price mentioned on bottles. However, the companies are not paying any discount at this moment to wholesalers which might be one of the reasons behind oil price hike, reports Bangla Tribune.
The government has said that nothing has happened that can raise the price of edible oil. Bangladesh Bank has informed the process of opening letters of credit (LC) for importing edible oil is also normal.
Nevertheless, its price has increased. Bangladesh Tariff Commission has meanwhile started investigating to find out which quarters are responsible for elevating the price of edible oil. It has been observed that the price of edible oil has increased by 3 to 5 taka for each liter. 500 taka is inscribed on the five liter bottles of edible oil of Teer and Fresh brands. On the other hand, 530 taka is inscribed on the five liter bottles of edible oil of Rupchanda brand.
A wholesaler in Kawran Bazar has told media on condition of anonymity that distributors sold each five liter bottle of edible oil to wholesalers for 425 taka around fifteen days ago. Wholesalers sold these five liter bottles to retailers for 430 to 435 taka each. Later on distributors sold each five liter bottle to wholesalers for 452 taka. Wholesalers sold it to retailers for 470 taka.
Chairman of Tariff Commission Nur Ur Rahman has said that he held a meeting with the officials of edible oil companies to know in details about the supply, stock and prices of edible oil. Officials of edible oil companies have informed that they did not raise the price of this product.
Commerce Secretary Dr. Zafar Uddin has stated that different government organizations are monitoring the market to keep prices under control. Actions will be taken if anyone plays vile tricks to raise prices abnormally, he added.At present there is a demand for 51.27 lakh metric tons of edible oil in Bangladesh. Out of this quantity 46.21 metric tons of edible oil has to be imported from abroad.
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