Bottled soybean oil price drops by Tk 10 a litre, loose oil by Tk 8

The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has decided to reduce the price of bottled soybean oil by Tk 10 per litre and the price of loose soybean oil by Tk 8 a litre.

The association also reduced the price of loose palm oil by Tk 5 a litre.

The edible oil traders’ body announced the revised price in a press release on Tuesday.

The press release signed by the association’s executive officer Md Nurul Islam Molla said the revised price will be in effect from Wednesday.

It said traders have taken these decisions after discussing with the government following the recent fall in the price of edible oil in international market.

With the price revision, price of bottled soybean oil will decrease from Tk 189 to Tk 179 a litre, price of loose soybean oil from Tk 167 to Tk 159 a litre while price of a five-litre soybean oil bottle has decreased by Tk 43 to Tk 873.

Besides, price of loose palm oil fell by Tk 5 a litre to Tk 128 a litre and price of bottled palm oil by Tk 12 to Tk 148 a litre.

However, it has been seen in the past that traders implement decisions on price hikes much quicker than decisions on price cut, and soybean oil with reduced prices arrives in markets lately.