Artificial Soybean Oil Crisis Leaves Consumers Frustrated

Staff Reporter

Consumer frustration is mounting as an artificial soybean oil shortage emerges following a recent price hike of Tk 14 per liter, allegedly orchestrated by a traders’ syndicate. The Yunus government appears overwhelmed by the escalating situation.

In December, bottled soybean oil prices were raised to Tk 175 per liter. After duty exemptions on edible oil imports expired on March 31, oil refiners sought another price hike, submitting proposals to the Tariff Commission earlier this month.

Following three rounds of negotiations, the government approved a price increase of Tk 14 per liter. Bottled soybean oil is now priced at Tk 189 per liter, while loose soybean and palm oil have risen by Tk 12, reaching Tk 169 per liter.

As news of the price hike spread, markets in Dhaka and beyond reported oil shortages. Many consumers returned empty-handed, accusing traders of deliberately withholding stock to create scarcity. Some expressed outrage, saying the increased cost of essential goods is straining household budgets.

According to the Bangladesh Trade and Tariff Commission, the country’s annual demand for edible oil stands at 2.4 million tons, with approximately 90% sourced through imports. Critics blame the government’s inaction for enabling trader syndicates to exploit the market.