I encouraged consumers and traders to avoid panic buying and excessive buying
File photos/collect bottled soy oil at grocery store
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File photos/collect bottled soy oil at grocery store
Bangladesh’s Vegetable Oil Refiners Association says that the market currently has more cooking oil than usual (February 16).
The association predicted an increase in demand during Ramadan and revealed that its member organizations have increased their supply of cooking oil to ensure availability.
They said that temporary shortages due to trader stockpiles are short, as stable international crude and palm oil prices limit opportunities for excess profits.
Key producers such as Citigroup, Megna Group Industries, TK Group and Bangladesh Cooking Oil Limited said they are importing significantly more oil than expected demand. These imports were expected to reach the market within 7-10 days, further stabilizing supply.
However, traders argued that the company’s supply was insufficient to meet demand.
The association said recent media coverage of the shortage has sparked unnecessary consumer concerns.
These actions could exacerbate the situation, and urged consumers and traders to avoid panic purchases and excessive purchases.
The association highlighted the importance of market surveillance by government authorities, along with consumer cooperation and patience, to ensure a stable and fair supply of edible oil during this critical time.
For almost a month, there has been a shortage of bottled cooking oil, causing the price of loose soy oil to rise, and is currently on sale at TK190-200 per kg.
The retailer said dealers at various edible oil companies are not offering regular stocks.
Last November, there was a serious shortage of bottled soybean oil. However, the shortage has been getting worse again since early February.
However, on February 9, the Customs Commission said the unavailability of bottled soybean oil was artificial. In a press release, the committee confirmed that edible oil imports have increased by 35% and letters of credit (LCS) have also increased.
