DHAKA: Despite a decline in global prices, edible oil prices in Bangladesh are on the rise, raising concerns among consumers ahead of Eid.
Traders say the price hike is due to a shortage of supplies, but officials say the country has ample reserves and several ships loaded with oil are being unloaded at Chittagong port.
According to the Commerce Ministry, Bangladesh’s crude and refined soybean and palm oil stocks stood at over 236,000 tonnes last week, with more shipments arriving regularly.
Seven ships carrying around 314,000 tonnes of edible oil are currently docked at Chittagong port and deliveries are expected to be completed soon.
Despite this, wholesale prices in Khatungganj, the country’s largest commodity market, have seen a rise of 13 to 16 taka per litre during Ramadan.
According to traders, sometimes prices are changing several times in a single day, which is being attributed to limited supply from mills.
