Decision to raise prices of edible oil

The government has decided to increase the prices of soybean and palm oil following proposals from traders. However, the precise margin of the increase has not yet been determined.

The decision was taken at a meeting with traders held at the Secretariat today, Monday. The meeting was chaired by commerce adviser Sk Bashiruddin.

The adviser did not make any comment following the meeting.

Following the meeting, commerce secretary Mahbubur Rahman, however, told newspersons that the traders’ proposal for a price increase was far higher than international market rates.

“We are reviewing their proposal. A final decision on how much the price of edible oil will be increased will be taken following further discussions with them,” he added.

The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has proposed an increase of Tk 10 per litre for both soybean and palm oil.

They argued that the international market price of soybean oil has risen to as much as US $1,200 per barrel.

On 13 April, the government fixed the price of soybean oil at Tk 189 per litre and palm oil at Tk 169 per litre.

Meanwhile, it has been learned that the Bangladesh Trade and Tariff Commission is working to determine a rational level for the adjustment of edible oil prices.