Soybean oil price decreases by Tk 14 a litre

Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has decreased the price of soybean oil by Tk 14 a litre to Tk 178 a litre.

The traders’ body revealed the revised price in a press release on Monday.

The revised price will come into effect on Tuesday, according the press release.

Currently, soybean oil is being sold at Tk 192 a litre and loose soybean oil at Tk 175 a litre.

The press release, signed by the association’s executive officer Md Nurul Islam Molla, said leaders of the edible oil traders’ association held a meeting with prime minister’s private industry and investment advisor Salam F Rahman and prime minister’s senior secretary Tofazzal Hossain Mia over dollar price hike and complexities in opening letter of credit (LC).

Price of soybean oil is revised by reducing Tk 14 a litre and at that meeting for the sake of consumers. However, price of loose soybean oil has decreased by Tk 17 a litre, according to the press release.

The revised price of loose soybean oil is now Tk 158 a litre. Price of a 5-litre bottle of soybean oil decreased by Tk 13 a litre to Tk 880 from Tk 945.

Earlier on 23 August, edible companies marketing oil in the country increased prices of soybean oil by Tk 7 a litre after decreasing the price on 17 July following the price fall in global markets.

According to Bangladesh Bank data, import of unrefined soybean oil dropped by about 75,000 tonnes to about 515,000 tonnes in 2021-22 fiscal while import of soybean seeds increased by about 237,000 tonnes to 1.33 million tonnes during this period. Besides, a little over 15,000 tonnes of refined soybean oil was imported in 2021-22 fiscal.