Stable Market in Narayanganj Except for Soybean Oil

The only real concern remains soybean oil. As the holy month of Ramadan begins today, consumers are facing an ongoing crisis due to a shortage of soybean oil, which has persisted for nearly two months.

Although the supply has increased, the market has yet to stabilize. Prices have also risen for beef, chicken, cucumber, lemon, and eggplant. However, aside from soybean oil and a few other items, the prices of essential goods such as dates, sugar, and chickpeas have remained stable.  

Market insiders in Narayanganj noted that despite an increased import of soybean oil ahead of Ramadan, the crisis persists. Meanwhile, prices of fish, chicken, lemon, cucumber, and eggplant have risen in anticipation of higher demand during Ramadan. 

Wholesalers in Narayanganj’s largest market, Nitaiganj, said that except for soybean oil, the overall market is relatively stable this year. They pointed out that prices often spike temporarily as people rush to buy in bulk at the beginning of Ramadan, but the situation usually normalizes within a week. 

Narayanganj’s Deputy Commissioner (DC) Mohammad Zahidul Islam Miah emphasized that strict action will be taken against anyone involved in food adulteration or hoarding during Ramadan. He pointed out that in developed countries, prices of essential goods are often reduced during festivals to allow everyone to celebrate joyfully. However, in Bangladesh, the opposite happens. 

“We expect no adulteration or price hikes this time. Traders already make profits throughout the year—why can’t everyone celebrate together during Ramadan? If anyone is found hoarding goods or mixing adulterants, they will face severe consequences,” he warned. 

At a recent meeting of the District Task Force Committee at the DC’s conference room, officials discussed maintaining stable and reasonable prices of essential goods during Ramadan. 

A market survey conducted on March 1 at Nitaiganj, Kalirbazar, and Digubabu Bazar revealed that company distributors are not supplying adequate amounts of soybean oil. In many cases, they are imposing conditions requiring retailers to purchase other items along with bottled soybean oil. 

On the other hand, the prices of beef, chicken, fish, lemons, cucumbers, and eggplants have increased just before Ramadan. Over the past week, prices have risen by 10 to 20 taka per kilogram. 

Broiler chicken: Increased from 200 to 210 taka per kg , Sonali chicken: Increased from 280 to 310 taka per kg,  Beef: Increased from 750 to 800 taka per kg,  

Similarly, fish prices have risen by 10 to 20 taka per kg across all varieties. 

The price of lemons, cucumbers, and eggplants has also surged. Two weeks ago, a set of four lemons was priced between 20 and 40 taka but has now skyrocketed to 40 to 100 taka. 

Despite the rise in some prices, the typical Ramadan market inflation is less intense this year. According to Bangladesh Bank, from October to January, sugar imports increased by 20%, reaching  454,034 metric tons, while lentil imports rose by 44% to 157,837 metric tons. 

Retailers at Nitaiganj claim that panic buying at the beginning of Ramadan drives up demand, causing temporary price spikes. They believe prices will stabilize within a week if people avoid buying more than they need. 

The Narayanganj DC reiterated that anyone caught creating an artificial shortage would face strict punishment and urged traders to refrain from unethical practices. He encouraged the public to report any suspicious activity to the authorities. 

Regarding street vendors, the DC warned that blocking roads with makeshift stalls would not be tolerated as it causes traffic congestion and prevents emergency vehicles from reaching hospitals. 

Emphasizing the need for ethical business practices, he said:  "How can I sell food to others that I wouldn't eat myself? We must foster ethical responsibility. Developed nations do not face these issues because their societies are built on ethical business practices. We must strive to reach that level." 

The Consumer Rights Protection Directorate has launched a crackdown on price manipulation in Narayanganj’s wholesale market, but the problem persists. Officials **fined a few businesses, but price manipulation resumed soon after. 

During a recent raid, Amin Enterprise’s shopkeeper Sagar Hossain remarked, 

"If the syndicate is broken, soybean oil prices will drop naturally."

Local businessman Kazi Shuvo, who sells samosas and snacks, expressed frustration over the rising cost of soybean oil: 

"Three months ago, I bought soybean oil for 150 taka per liter. Now, I have to buy it for 192 taka. But I can't increase the prices of my samosas, rolls, or chops." 

On February 24, a raid was conducted in Fatullah’s Pagla and Nitaiganj areas to control market prices. Three businesses were fined a total of 312,000 taka for overpricing. 

Consumer Rights Protection official Hriday Ranjan Banik reported,  "We sent undercover buyers to purchase soybean oil. When we found that retailers were charging above the government-set price, we fined Monir Store 300,000 taka and ordered them to sell the stocked oil at the listed price."  Two more stores in Pagla Bazaar were fined 12,000 taka for similar violations. 

A visit to Digubabu Bazaar showed that bottled soybean oil is widely available. However, retailers claim that many brands restricted supply to create artificial demand.

Some traders, like Mohiuddin, a grocery store owner, claimed:  "There’s nothing we can do. We sell whatever the companies supply. When demand increased, companies started reducing supply, leading to price hikes."

Similarly, Dulal Hossain, owner of Bikrampur General Store, explained:   "Consumers want to buy oil at the printed price, but that’s not possible because we bought it at a higher rate. We can’t sell at a loss." 

With Ramadan approaching, Narayanganj residents remain anxious about whether market prices will stabilize or spiral further out of control.