Consumers suffer as soybean oil crisis persists in Dhaka

Soybean oil.

Dhaka, March 3 – The ongoing soybean oil crisis, which began nearly a month before Ramadan, still continues, disrupting the market.

Even on the second day (Monday) of Ramadan, supermarkets and shops continue to face shortages of soybean oil.

Visiting to various markets in the capital, including Karwanbazar, Malibagh, Uttar Badda, and Shantinagar Bazar, it was seen that most shops had no soybean oil in stock. While other oils like palm, mustard, rice bran, and sunflower oil were available, soybean oil was nowhere to be found.

Iqbal, a grocer in Malibagh Bazar, said that dealers are not supplying oil according to demand. Despite repeated requests, they claim that the company is not providing the oil.

In addition, purchasing oil from some suppliers requires buying other products from the same companies, making the situation even more difficult.

Samina, a customer searching for soybean oil in Malibagh Bazar, expressed frustration, saying that despite visiting various places, including street shops and supermarkets, she did not find any soybean oil.

A grocer in Uttar Badda Bazar said while most shops have soybean oil, many are hoarding it in the hope of a price hike, putting buyers in hot water and exacerbating the shortage.

Khorshed Hossain, the owner of Khorshed Store in Malibagh, said the current oil crisis is artificial.

He claimed that hoarding is widespread, with some shopkeepers selling oil in small quantities and forcing customers to buy other products along with it.

Customer Habib complained that when purchasing five liters of soybean oil, he had to also buy two kilograms of flour and half a kilogram of semolina. “Many sellers are exploiting the situation and charging more than the package price for the oil,” he added.

Those who are well-off are looking for alternative oils, like sunflower or mustard oil, at prices of Tk 1,600 and 1,400 for five liters, those who cannot afford such costs are purchasing palm oil at Tk 850 for a five-liter bottle.

Meanwhile, Commerce Adviser Sk Bashir Uddin, after visiting the Mohammadpur Town Hall Kitchen Market on Monday, assured that the soybean oil supply would return to normalcy within the next two days.

He also mentioned that palm oil is currently being sold below the government-set price.

The adviser expressed the hope that the prices of soybean oil and other products would stabilise soon. UNB