The ongoing scarcity of bottled soybean oil in the market has drawn significant reactions from both traders and consumers, with allegations of artificial supply manipulation levelled at production companies.
Amidst this controversy, Chattogram Port recently received four ships carrying a total of 52,000 tonnes of crude soybean oil from Brazil and Argentina, arriving within a four-day interval.
The vessels—MT Ardmore Shayani, MT Dumbledore, MT Sunny Victory, and MT Zinga Thresher—set sail for Chattogram approximately a month ago.
According to Chattogram Port Secretary Omar Faruq, the Ardmore Shayani and Dumbledore carried 21,500 tonnes of soybean oil, while Sunny Victory and Zinga Thresher brought in 30,600 tonnes.
The Ardmore Shayani has already offloaded its cargo and departed the port on Monday.
The shipments were facilitated by three major importers: TK Group (25,000 tonnes), City Group (20,000 tonnes), and Meghna Group of Industries (7,000 tonnes).
TK Group's Director Shafiul Athar stated that letters of credit for these imports were opened well in advance following government assurances of price adjustments.
He expressed optimism that the increased supply would avert shortages during Ramadan despite higher import costs of $1,217 per tonne.
The newly imported oil will undergo customs clearance and refining before reaching the market, a process expected to take one to two weeks.
However, traders speculate that the price adjustment announced on Monday—raising the retail price of bottled soybean oil to Tk175 per litre (from Tk167) and losing oil to Tk157 per litre (from Tk149)—has already inflated the shipment's market value from Tk950 crore to Tk996 crore.
Market observers have noted that the scarcity of bottled soybean oil is exacerbated by the higher prices of loose oil.
Retailers claim that unscrupulous practices, such as repackaging bottled oil as loose oil, have disrupted supply chains.
Furthermore, dealers are imposing conditions on bulk purchases, requiring retailers to buy additional products such as powdered milk, semolina, flour, and sugar.
In Chattogram's wholesale hub, Khatunganj, retailers allege that a pre-Ramadan syndicate has manipulated supply to inflate prices.
One trader remarked, "Artificial scarcity ahead of Ramadan allows profiteering as consumers are compelled to buy at inflated rates."
The suspension of oil production by the S Alam Group, which typically meets the majority of demand in the Chattogram region, has also created a vacuum that opportunistic syndicates are exploiting.
Retailers in Dhaka's Riazuddin Bazar report that they are receiving only a fraction of their requested supply.
"If we order five cartons, we barely get one—and only if we accept their conditions," one retailer said.
Customers, however, are often unwilling to purchase the additional items bundled with the oil, leading to disputes at retail outlets.
The soybean oil supply crisis, coupled with rising prices and restrictive trading practices, continues to fuel tensions in the market, with consumers and traders alike bearing the brunt of the disruption.
