Soybean oil price set to drop slightly

The government has once again adjusted the prices of soybean and palm oil with a slight reduction.

Thanks to the move, a one-litre bottle of soybean oil will sell at Tk 187 at the retail level from Sunday, instead of Tk 190.

The commerce ministry issued a gazette notification on Thursday, saying that the maximum retail prices of soybean and palm oil were revised in a meeting on import of daily necessities and price review on Tuesday.

The ministry had earlier raised the price of one-litre bottled soybean oil to Tk 190 on 17 November. The new decision would drag down the price by Tk 3.

But the ministry claimed that the present per litre price is Tk 192 and it will drop by Tk 5 due to the new decision.

Commerce secretary Tapan Kanti Ghosh was texted over phone seeking explanation regarding the mismatch in real and gazetted price, but he did not respond.

According to the notification, the price of a 5-litre bottle of soybean oil will be Tk 906 from Sunday, which is currently selling at Tk 925. The loose soybean oil will sell at Tk 167 in the retail markets, instead of Tk 172.

Meanwhile, the price of palm oil has been fixed at Tk 117 per litre, from the previous price of Tk 121.