Commerce minister Tipu Munshi has blamed the high exchange rate of dollars for the increased price of soybean oil in the country, despite significant price fall in the global market.

“The soybean oil price dropped in the global market, but the dollar price surged in the country. As a result, the expected benefit cannot be attained. Still the tariff commission would verify the entire issue,” said the minister.

Tipu Munshi was talking to reporters after attending a cabinet meeting at the secretariat on Thursday.

Asked whether the soybean oil price will be adjusted again, the minister said the tariff commission would hold a meeting within a week to verify the proposal of the traders.

The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association recently placed a proposal to increase the price of soybean oil by Tk 20 per litre.

The association submitted the proposal to the Bangladesh Trade and Tariff Commission (BTTC) on 3 August.