Edible oil prices have continued to surge only to batter the commoners who are already hit hard by the skyrocketing prices of rice and other essentials.
The maximum price of edible oils like soya bean retailed at Tk 130 a litre as refiners further raised prices by Tk 5.0 a litre in a week, said grocers.
The price of bottled soya bean oil of leading refiners has been reviewed at Tk 120-130 a litre depending on companies last week from Tk 115-125 earlier.
Loose soya bean oil was sold at Tk 110-116 a litre at different kitchen markets on Monday, a Tk 3.0-4.0 further hike in a week, according to market sources.
Prices of loose palm oil, the key edible oil for commoners, further increased to Tk 105-108 a litre depending on quality from the previous Tk 98-105.
However, five-litre soya bean jar remained static at its previous high of Tk 580-600 until Monday morning.
It is the seventh time in the past four months that the companies have raised oil prices, groceries mentioned.
According to the Trading Corporation of Bangladesh, soya bean and palm oil prices are 18-21 per cent higher than that of a year ago and it is a ten-year high.
Mohammad Golam Mawla, president of Bangladesh Wholesale Edible Oil Merchants Association, said they were selling loose soya bean at Tk 105-107 a litre.
Their purchase cost has further increased by Tk 2.0-3.0 a litre just in a week.
Mr Mawla said refiners have been readjusting the price every week with the rising global market prices.
The prices of edible oil have increased thrice just in the past five weeks, he added.
City Group director (corporate and regulatory affairs) Biswajit Saha said both soya bean and palm oil prices have been increasing since last June.
He said the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has urged the government several times to minimise import duty which is not less than 20 per cent now.
"We've also urged the government to collect VAT on soya bean, palm and palm olein only at the import stage instead of collecting it at three stages."
According to Index Mundi, soya bean oil crude prices surpassed $1,000 a tonne and palm oil crude $930 a tonne last December.
The hike was 29 per cent and 51 per cent respectively in six months, showed the global commodity web portal.
Consumers Association of Bangladesh secretary Humayun Kabir Bhuiyan said India has recently reduced import duty on palm oil following a global price hike, although it produces alternative oils domestically.
"Bangladesh mostly relies on imported edible oils and high import duty amid the volatile international market is surely an injustice to local consumers struggling for existence during this pandemic."
Mr Bhuiyan suggested that the government immediately review import duties on both rice, edible oil and sugar to give commoners a relief.
According to commerce ministry, Bangladesh annually imports 2.0-2.6-million tonnes of crude soya bean and palm oils.
The rest are mustard, sunflower, rice bran and other oils against the domestic demand for 2.2-million tonnes of edible oils.
Of the total import, soya bean is 0.7-0.8 million tonnes and palm oil 1.4-1.6 million tonnes and the rest are mustard, sunflower, rice bran and other oils.
