The edible oil prices have increased sharply in the domestic market in the last two days after Indonesia, the world's top palm oil producer, announced an export ban.
Indonesia announced on Friday a ban on palm oil exports from April 28 in a bid to stymie the soaring domestic price of cooking oil.
The price of soybean oil (loose), which was Tk 192 to 195 per litre in the capital, reached Tk 200 per litre on Monday, according to UNB.
Some areas of the capital are not getting oil at higher prices even. Not only loose Soybean oil but also bottled oil is seeing a shortage.
Buyers at Shanti Nagar Bazar complained that shoppers are creating artificial crises to sell oil at higher prices.
A retailer there said that they sold loose Soybean oil at Tk 175 per litre on Sunday morning. In the afternoon on the same day, they bought the same edible oil from the wholesaler at Tk 182 per litre. On Monday morning, the same oil retailer bought at Tk 192 per litre.
An additional secretary of the commerce ministry, who is in an additional charge of the import cell, said that the commerce ministry is working to control the price of edible oil.
The ministry will hold a meeting with business leaders regarding alternative sources of edible oil to meet the demand for palm oil, he said, maintaining anonymity.
He also hinted that a huge volume of edible oil has been imported or LCs have been opened to import, so there is no reason for a price hike or to worry about shortages.
