Cooking oil prices have declined by at least Tk 15 in Dhaka after the government threatened to crack down on any rogue trader found to be manipulating the daily commodity market.
However, the prices still remain above the rates fixed by the government after a steep rise in the last fortnight, reports bdnews24.com.
On Friday, super palm oil was being sold for Tk 160 per kg and Tk 145 a litre in parts of the capital, including Mirpur, Barabagh and Pirerbagh. Meanwhile, traders were charging Tk 170 for a litre of soybean oil.
'Shaheen', a grocer in Pirerbagh, says a decline in wholesale prices of edible oil has allowed retailers to lower their rates as well.
"The prices were much higher even as recently as Monday. The price of Soybean oil was around Tk 190-195 a litre on Monday. The price of palm oil had risen to Tk 170. But wholesale prices have dropped in recent days and so we have been able to reduce the prices at our end."
After analysing import costs and the state of the local market, the government decided to set a higher price ceiling by hiking the rate of soybean oil on Feb 6. Bottled soybean oil was priced at Tk 18 per litre, while the rate for loose soybean oil was Tk 143. And the price of palm super oil was fixed at Tk 133 per litre.
But a syndicate of traders created instability in the market, which sent the prices of loose soybean oil soaring by up to Tk 50 a litre. Some traders sought to capitalise on the situation by pouring out soybean oil from bottles and selling them in the loose form.
In the circumstances, the government has decided to sell the product in bottles in an effort to curb the sales of unpacked soybean oil.
The authorities on Thursday also announced that the 20 percent VAT on soybean oil would be waived. The implementation of the directive could take another Tk 30 off the price, according to stakeholders.
The Directorate of National Consumer Rights Protection launched a campaign on Friday to ensure that traders keep the actual receipts of the goods they bought in order to fair prices and curb manipulation.
VEGETABLE PRICES BOOMING
Meanwhile, vegetable prices, which have remained relatively high throughout the winter, have risen further. Traders attributed it to the drop in harvest yields towards the end of the season.
On Friday, potatoes were being sold at Tk 100 per kg at the kitchen market in Pirerbagh. Similarly, legume was selling for Tk 120, raw chilli for Tk 100, cucumber Tk 70, gourd Tk 60, bitter melon Tk 120, tomato Tk 50-60 and broccoli for Tk 40.
In the last two weeks, the price of bitter melon, potato, chilli and gourd along with some other vegetables have risen by Tk 20-40 a kg, according to vendors.
Abidul Karim, a vegetable seller, said. "The harvest of winter crops is nearing its end. Preparations are underway to grow new seasonal crops. In one word, winter is over. So the prices of some vegetables are going up."
In terms of poultry meat, the prices of broiler chicken increased by Tk 5 to Tk 155 per kg, layer chicken is up Tk 10 to Tk 245 a kg, while the prices of Pakistani cock or golden chicken rose by Tk 10 to Tk 265 per kg.
Meanwhile, beef is selling for the usual price of Tk 650 per kg. The price of red meat has seen an increase of Tk 50 in the last month and is now about Tk 100 higher than it was last year.
The price of coarse lentils has gone up by Tk 30 per kg in the last two months but medium-sized lentils prices have come down a bit. Thick and medium lentils are currently being sold at Tk 100 a kg.
