Some traders cited a rise in prices in the international market as a reason behind the oil price hike, but no one could justify the increased rice prices. 

Retailers at Karwan Bazar were selling palm oil at Tk 84 per litre on Friday, up from Tk 73 a week ago while the price of soybean oil increased by Tk 10 to Tk 95 a litre.

Grocer Jahangir Alam said a spike in the wholesale price has driven the retail prices.

The wholesale price of palm oil increased to Tk 16,400 per drum of five maunds (1 maund = 37.42 kg) from Tk 12,000 per drum while soybean oil price was up to Tk 17,500 per drum from Tk 15,000.

Abul Hashem, the general secretary of the traders’ association at Moulvibazar wholesale market in Old Dhaka, said the prices have dropped slightly in the past three days after rising for a week following the hike in the international market.

Monirul Islam Jony of Rony Rice Agency at Karwan Bazar said they were selling the

Paijam variety of rice at Tk 47 per kg, Miniket Tk 51 and BR-28 Tk 44 a kg, all up by Tk 2 per kg from last week’s prices.

Mohiuddin Harun, a rice wholesaler in Mirpur, said he heard that the millers had raised the prices citing a hike in paddy prices.

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