What will stop oil spills?

Fuel burning continues. In the meantime, Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association has proposed to increase the price of soybean oil by Tk 20 per liter. The organization gave this proposal to the Bangladesh Trade and Tariff Commission-BTTC on August 3 to increase the price.

It has been said to make the price of open soybean oil 180 taka per liter, one liter bottle 205 taka and five liter bottle 960 taka.

Along with the price hike proposal, the Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association has also provided a breakdown of the cost. Bottled soybean oil was sold at the highest price of Tk 205 per liter this year, which was recently reduced by Tk 20 by oil companies. The last price was reduced by 14 rupees per liter on July 21.

However, the Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association now says that the import price of edible oil has increased due to the huge increase in the price of the US dollar against the rupee. Due to this price adjustment has been proposed.Businessmans says, there should be a review meeting every 15 days on prices. That’s not happening. We want the meeting to be.

Companies make proposals to the Tariff Commission to increase the price of edible oil. Then the commission reviews it. The price of oil is determined accordingly. In the country, Meghna Group, City Group, TK Group, S Alam Group, Bashundhara Group, Bangladesh Edible Oil Limited, among others, import crude edible oil and release it in the market after refining it. Some import soybean seeds to produce oil.

According to the data of the Tariff Commission, the country has an annual demand of about 2 million tones of edible oil. Of this, about 18 lakh tones are imported.

According to the data of Bangladesh Bank, in the fiscal year 2021-22, about 5 lac 15 thousand tons of crude soybean oil was imported into the country. About 75,000 tones less import than previous year in 2021-22 financial year. However, during the same period, the import of soybean seeds was 13 lac 31 thousand tons, which is about 2 lakh 37 thousand tons more than the previous year.In the same financial year, refined soybean oil was imported at a little over 15 thousand tones. No refined soybean oil was imported the previous year. In the financial year 2021-22, about 1 million tones of refined and unrefined palm oil were imported.

According to the World Bank, the price of soybean oil in the world market in 2020 was an average of 838 dollars per ton, which rose to a maximum of 1 thousand 963 dollars last May. Since then, prices have been falling. Last July, the price per ton fell to 1 thousand 533 dollars.

During the discussion of the proposal to increase the price of Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association, the stakeholders should keep in mind that people are under pressure due to the increase in the price of daily commodities. The increase in fuel prices will further increase the pressure. It is also necessary to remember that the price of edible oil has been increased in the previous phase, according to which the price has decreased?