The Daily Star (TDS): What is the current state of the edible oil market in Bangladesh? What are the key challenges in ensuring a steady supply? What measures can stakeholders, including your company, take to stabilise prices and improve affordability for consumers?

Zafor Uddin Siddiqui (ZUS): The edible oil market in Bangladesh is highly reliant on imports, with soyabean oil being the most consumed, followed by mustard oil, refined palm olein, and canola oils. Brands of City Group, such as TEER and SUN, play a significant role in meeting demand. However, the market faces challenges due to global price volatility, geopolitical tensions, and fluctuations in currency exchange rates. Additionally, local production of oilseeds is insufficient to reduce dependency on imports, and supply chain disruptions often worsen price instability.

Ensuring a steady supply is challenged by rising global raw material costs. Inflationary pressures and increased production costs also impact consumer affordability, especially for low-income households. Maintaining steady and uninterrupted production is a significant challenge nowadays, due to the improper supply of utility facilities.

To address these issues, stakeholders can take several measures. Companies should focus on diversifying their sourcing strategies by partnering with multiple suppliers globally to reduce dependency on specific regions. Investing in domestic oilseed cultivation and refining capacity can also enhance local production and reduce import reliance.

Collaboration with the government to control unethical market practices is crucial. Product pricing should be left to market dynamics. Introducing efficient distribution channels can further ensure consistent availability across urban and rural areas. Subsidies or tax relief on imported raw materials could lower production costs, allowing companies to offer more affordable prices. Government support is required in the supply of utility facilities to run production smoothly. Gas, electricity, and other utility-related support must be provided uninterruptedly.

These combined efforts can contribute to stabilising prices, improving affordability, and ensuring a resilient edible oil market in Bangladesh.

TDS: Despite the growing availability of bottled oils, many consumers in Bangladesh still purchase unpackaged oil. What are the potential health and safety risks associated with consuming such oils? What strategies can be implemented to raise awareness and encourage a shift towards packaged and quality-assured edible oils?

ZUS: Despite the growing availability of bottled oils, people still prefer to buy loose oil over packaged oil due to the price factor. However, there remains a risk of purchasing mixed oil under the guise of a particular type of edible oil. This mixing may occur at the trade level. The government should stop allowing the sale of oil in loose form, giving refiners adequate time to prepare for this change. This will help ensure quality oil for all. Regular consumption of contaminated loose oils can increase the risk of serious health issues, including heart diseases, liver damage, and digestive disorders.

TDS: How is your company working to promote healthier edible oil options? What innovations have you introduced to cater to consumer demands for healthier alternatives?

ZUS: Our company is committed to promoting healthier edible oil options by prioritising innovation and consumer well-being. As a pioneer in the industry, TEER Advanced Soybean Oil was the first brand in Bangladesh to be fortified with essential nutrients such as Vitamin A, D, and E, addressing widespread nutritional deficiencies. This fortification ensures that our oils not only meet cooking needs but also contribute to improved public health.

To enhance convenience and user experience, we introduced the agronomic bottle for our edible oil brands. This specially designed packaging features a controlled oil flow mechanism, reducing waste and spillage. Additionally, the bottle's unique single-twist opening system simplifies usage, making it both practical and user-friendly.

Our refining process leverages the world's leading NRT (Nutrients Retained Technology) to preserve the oil's natural nutrients, ensuring that consumers receive the healthiest possible product. This advanced technology highlights our commitment to quality and innovation in every bottle.

Furthermore, TEER stands out as the only edible oil brand in Bangladesh to offer Canola Oil, a heart-healthy alternative known for its low saturated fat content and high levels of omega-3 fatty acids. This reflects our dedication to catering to evolving consumer demands for healthier options.

By combining technological advancements, nutritional fortification, and product innovation, we aim to empower consumers to make healthier choices while maintaining the highest standards of quality and safety in edible oils.

TDS: What are your future plans?

ZUS: City Group aims to strengthen its position as a leader in Bangladesh's edible oil market by continuing to prioritise innovation and quality. We plan to expand our product portfolio with healthier oil options, enhance production capabilities using cutting-edge technologies, and invest in sustainable practices to reduce environmental impact. Additionally, we will focus on raising consumer awareness about nutritional benefits and food safety while exploring new export opportunities to establish a global presence. By staying responsive to market trends and consumer needs, we aim to foster long-term growth and contribute to the nation's health and economic development.