According to the Bangladesh Trade and Tariff Commission (BTTC), the price of crude soybean oil in Argentina has experienced a significant decline in the global market. On May 31, it was recorded at 847 US dollars per ton, compared to 1,970 dollars one year ago, indicating a decrease of approximately 57 percent. However, this decline in prices has not translated into benefits for consumers within the country. Despite the global drop in prices, other essential commodities such as coarse wheat, lentils, fuel oil, natural gas, and sugar have not seen a corresponding decrease in prices in the domestic market.
Businesspeople attribute this to the increased cost of production, driven by factors such as the depreciation of the local currency, rising gas and electricity prices, and increased transportation costs due to fuel price hikes. Economists argue that blaming the global market for high inflation is no longer valid, as inflation in Bangladesh is now primarily caused by domestic factors such as the value of the dollar, import disruptions, and increased production costs. The government’s failure to control the value of the dollar, coupled with the removal of subsidies on fuel and gas, has further fueled inflation. Despite the decrease in global prices, local prices for essential goods have remained high, with little benefit reaching consumers. The country’s energy sector is also facing challenges, with increased prices and shortages of gas and coal resulting in power outages
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