The price of soybean oil in the country’s market has been increased by Tk 6 per litre. As a result, bottled soybean oil will now be sold at Tk 195 a litre, up from the previous price of Tk 189. The new prices will come into effect from tomorrow, Tuesday.
Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, the organisation of edible oil refining and manufacturing companies, announced the revised price in a press release on Monday evening.
The media release said that the price of edible oil has been adjusted in line with the international market, following discussions with the Ministry of Commerce. The new prices will take effect from tomorrow, Tuesday.
According to the revised rate, from tomorrow each liter of loose soybean oil will be sold at Tk 177, up from the previous Tk 169 — an increase of Tk 8 per litre.
In addition, the price of a five-liter bottle of soybean oil has been set at Tk 945, up from Tk 920. Thus, the price of a five-liter bottle has increased by Tk 25.
The price of loose palm oil has also been increased by Tk 13 per liter, making the new price Tk 163 per liter, which was previously Tk 150.
Meanwhile, a senior official of the Ministry of Commerce told Prothom Alo that a meeting was held today, Monday, at the Secretariat between the Ministry of Commerce and edible oil traders.
The meeting determined the new prices for soybean and palm oil. However, the ministry has not yet given official approval for the price hike, even though the traders have already announced the increase.
However, an official from one of the edible oil producing companies told Prothom Alo, “The Ministry of Commerce has given us approval to increase the price. The announcement has been made accordingly.”
Earlier in April, the price of soybean oil was last increased. At that time, the price of bottled soybean oil was raised by Tk 14 per liter, bringing it to Tk 189.
Additionally, the prices of both loose soybean and palm oil were increased by Tk 12 per liter, reaching Tk 169, and the price of a five-liter bottled soybean oil was raised by Tk 70 to Tk 922. However, in mid-August, the price of loose palm oil was reduced by Tk 19 per liter to Tk 150.
In August, edible oil traders proposed increasing the price of soybean oil by Tk 10 per liter. However, the Ministry of Commerce only allowed an increase of Tk 1 per liter at that time. This created tension between the ministry and the traders.
Later, on 22 September, following a new proposal from the traders, the government decided to raise the prices of soybean and palm oil. But at that time, no decision was made on when or by how much the prices would be increased.
After another meeting with the Ministry of Commerce today, the traders have finally announced the price hike.