TCB edible oil to cost more

23 June 2021


Kamruzzaman Bablu :
Within just two months, the government entity TCB is likely to enhance the price of soybean oil again under the open market sale (OMS) programme.
The government has decided to raise the price in the name of readjustment with the international market, which will take effect from next month, sources said.
If the Trading Corporation of Bangladesh (TCB) revises price, one litre of OMS soybean oil will cost the consumers Tk 110 from the existing Tk 100.
"We have been observing for the last two months. When it was seen there was no sign of decreasing soybean oil price in the international market, then it was decided to increase the price of soybean oil to adjust the conventional price with the market", Md. Humayun Kabir, Spokesperson of TCB, told the New Nation on Tuesday. The sale of oil at higher prices may start from the next first of next month, he said.
'We are always trying to maintain tolerable prices of essentials in the interest of the consumers. But if the prices of essentials go up in international markets, the TCB considers readjustment' said Humayun Kabir.
The price gap between OMS and kitchen market soybean is gradually narrowing due to the readjustment of prices under the OMS programme.
The gap will be narrowed down to Tk 43 a litre if the new OMS price is implemented countrywide. The gap was over Tk 45 per litre previously.
The price of the OMS soybean oil per litre was Tk 80 in April 2020.
Later, the TCB fixed the rate at Tk 90.
Currently, soybean oil is being sold at Tk 100 per litre at TCB trucks and dealers. It will now be traded at Tk 110 from the next OMS programme.
The decision is being made in view of the upward movement of edible oil in the international market.
The TCB's procurement price is thus increasing, according to a senior commerce ministry official.
Lower-income consumers' woes will be intensified further as soybean oil prices have been raised to Tk 110 a litre, a regular OMS consumer said.
The maximum retail price of edible oil has been raised from Tk 153 a litre following a surge in the international market on May 27.

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