Despite a 34% increase in edible oil imports to meet the heightened demand of Ramadan, consumers are still unable to find the product in the market, even at prices exceeding the government’s fixed rates.
In addition to the edible oil crisis, prices of dates and oranges have surged ahead of Ramadan.
Vegetables such as aubergine, cucumber, and lemons have also seen a significant price hike.
While the government has reduced import duties on dates, edible oil, and rice, consumers have yet to benefit from these measures. The only respite is that prices of onions and potatoes have remained stable.
The Bangladesh Bank reports that a record volume of nine essential commodities has been imported for Ramadan.
Between October and January, imports of sugar, pulses, and cooking oil rose significantly compared to the previous year.
Sugar imports increased by 20%, from 3.78 lakh tonnes last year to 4.54 lakh tonnes this year.
Soybean oil imports surged by 34%, rising from 4.47 lakh tonnes to 5.98 lakh tonnes.
Lentil imports increased by 44%, from 1.09 lakh tonnes to 1.57 lakh tonnes, while chickpea imports saw a 64% rise from 59,329 tonnes to 97,555 tonnes.
Garlic imports rose by 20%, from 50,995 tonnes to 61,381 tonnes, while ginger saw a 56% increase.
Date imports surged by 23%, reaching 14,420 tonnes from last year’s 11,714 tonnes.
Price surge despite increased imports
Despite the surge in imports, the market has seen little impact.
On 9 December, the price of soybean oil was raised by Tk8 per litre, yet supply remains erratic.
Traders in Mohammadpur Town Hall market, including Bismillah Store’s Babul Hossain, Iqbal Hossain Store’s Rashed, and Monir Store’s Abdur Rahim, said that even when one- or two-litre cartons of soybean oil become available for a day, they disappear for the next five to ten days.
The government-set price for loose soybean oil is Tk167 per litre, but it is unavailable in the market.
Soybean oil crisis has persisted for nearly three months, prompting the Directorate of National Consumer Rights Protection to convene a meeting on 16 February with mill owners, wholesalers, and retailers.
During the meeting, Taslim Shahriar Atahar, director of TK Group and representative of the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, assured that there would be no shortages after 24 February.
However, the reality remains starkly different, with markets still struggling with supply disruptions.
When asked about the supply shortfall, the director general of the Directorate of National Consumer Rights Protection, Mohammad Alim Akhter Khan, stated, "They have failed to keep their promises. These businesses prioritise profit over public interest. Due to excessive pricing at the mill gates, three refinery companies have been issued show-cause notices. Despite a 34% increase in soybean oil imports, the crisis persists. This is concerning. Market inspections are ongoing, and punitive action is being taken against violators."
Regarding the rising prices of other essentials, he added, "We have intensified market monitoring to ensure consumers get some relief during Ramadan."
Despite increased imports and government interventions, market prices remain volatile, leaving consumers struggling as Ramadan approaches.
Authorities continue monitoring, but supply chain disruptions and profiteering persist, fuelling inflationary pressures on essential commodities.
