Soybean oil refiners propose hike by Tk 15 per litre

The edible oil processors have proposed to raise the price of soybean oil by Tk 15 per litre, just a month after the price was slashed by Tk 14 per litre.

Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, a organisation of refiners, submitted the proposal to the senior secretary of the commerce ministry on Tuesday.

The letter, signed by the association’s executive officer Nurul Islam Molla, said that the association members had proposed to raise the price of bottled soybean oil to Tk 193 per litre due to the high price of unrefined oil in the international market and abnormal depreciation of taka against the greenback.

The current market price of bottled soybean oil is Tk 178 per litre and it will rise by Tk 15 as per the proposal.

At the same time, the association proposed to fix the price of a 5-litre bottle of soybean oil at Tk 955. The price will rise by Tk 75 from the existing market price of Tk 880, according to the proposal.

They also proposed to raise the price of unpackaged soybean oil by Tk 15 per litre to Tk 173.

However, the government is yet to take any final decision on hiking the soybean oil price. The ministry generally takes a decision after assessing the proposal of the traders.

Later, the Bangladesh Trade and Tariff Commission (BTTC) analyses whether it is reasonable to increase the price. The authorities take a decision accordingly after the BTTC submits its report to the commerce ministry.