Bangladesh Vegetable Oil Refiners' and Vanaspati Manufacturers' Association (BVORVMA), an organization of edible oil suppliers, has assured that the soybean oil crisis in the market will end in a short time.
The organization said in a statement on Sunday that considering the rising demand for edible oil in the market ahead of the holy month of Ramadan, the organizations affiliated with the association are supplying more edible oil than usual.
Considering the amount of edible oil supplied and imported, there is no chance of a crisis. If there is a crisis due to the tendency of some traders to stock up, the price and supply during Ramadan are enough and there is no need to panic, according to a press release.
The organization also said that there is no chance of abnormal profits as the prices of crude soybean and palm oil are stable in the international market. In addition, the country's top local edible oil producers City Group, Meghna Group, TK Group, and Bangladesh Edible Oil Limited have imported much more edible oil than the demand, which will enter the market within the next 7-10 days.
The BVORVMA further said that the recent news of a shortage in the supply of edible oil has created concern among the general consumers.
Therefore, “We request the consumers and edible oil traders not to panic and buy edible oil over the requirement. The association is maintaining regular communication with the concerned ministries and departments of the government to deal with this crisis so that this crisis can be resolved quickly.”
In such a situation, BVORVMA would like to assure the edible oil traders and consumers that the organization is making every effort to overcome this crisis. In addition, to ensure that this crisis does not hurt the supply and price of edible oil, it is highly desirable to increase market monitoring by the government, and the cooperation and patience of consumers.
