The price of both bottled and loose soybean oil has increased by Tk 4 per liter, the Ministry of Commerce has confirmed the information in an official statement.
According to the statement, the minister said that the price of bottled soybean oil has been raised from Tk 195 to Tk 199 per liter. Similarly, the price of loose soybean oil has been increased from Tk 176 to Tk 180 per liter.
The announcement was made today, Wednesday, by Commerce Minister Khandaker Abdul Muktadir following a meeting at the Secretariat on the review of edible oil prices.
Although soybean oil prices have been raised, the price of palm oil remains unchanged.
According to data released yesterday, Tuesday, by the Trading Corporation of Bangladesh (TCB), loose palm oil is currently being sold in the market at Tk 161 to Tk 168 per liter. Meanwhile, loose super palm oil is being traded at Tk 165 to Tk 172 per liter.
Earlier, on 12 April, the Ministry of Commerce held a meeting with the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association regarding a possible price hike.
At that time, the commerce minister had said, “Edible oil is a sensitive commodity. We have listened to the concerns of traders. After consulting all stakeholders, a realistic and acceptable decision will be taken quickly to ensure a stable supply system.”
For some time, local refinery owners had been demanding a price increase, citing rising costs in the international market. The proposal was later reviewed by the Ministry of Commerce and the Bangladesh Trade and Tariff Commission (BTTC), which found some justification for a moderate increase.
However, the Consumers Association of Bangladesh (CAB), a consumer rights organisation, held a human chain on 8 April protesting “manipulation in the edible oil market and price hikes.”
CAB leaders stated that there had been a shortage of bottled soybean oil in the domestic market for nearly two months, with some retailers selling it above the marked retail price (MRP).
Amid the shortage of bottled oil, the price of loose soybean oil has also increased.
From the human chain, CAB put forward six demands: immediate enforcement of government-set prices for edible oil; identification of active syndicates in the soybean oil market and exemplary punishment of those involved; regular and effective market monitoring and enforcement drives; strict legal action against artificial shortages and hoarding; an immediate ban on storing and selling oil in non-food-grade drums; and mandatory use of food-grade containers for edible oil.
According to TCB data, yesterday the price of loose soybean oil ranged from Tk 182 to Tk 193 per liter, while bottled soybean oil was priced at Tk 195 per liter. Additionally, a 5-liter bottle of soybean oil was selling for Tk 950 to Tk 955. Based on prevailing market prices, the newly announced rate for loose soybean oil is lower.
In a press release issued in the afternoon, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association stated that the new prices have come into effect from today.