The wholesale market in Khatunganj has witnessed a decrease in prices of open palm oil and open soybean oil, causing unrest due to VAT payments. Palm oil prices dropped by Tk 9 per liter, while soybean oil prices decreased by Tk 14 per liter. Wholesale traders attribute the decline to increased supply from oil refineries and buyers not meeting government-set prices. However, bottled oil prices remain unaffected, with some previously purchased bottles being sold at higher prices.
Bangladesh has a demand of approximately two million tonnes of edible oil, including soybean, palm, mustard, and rice bran oils. Despite the fall in open market prices, there is no corresponding reduction in bottled oil prices. Traders justify price increases by claiming low imports, although import volumes have actually risen. International market prices for soybean oil and palm oil have fallen significantly, but consumers have yet to benefit from these decreases.