The government has increased the price of bottled soybean oil by Tk5 per litre, raising the retail price to Tk204 from the previous Tk199.
Commerce Secretary Ataur Rahman Khan announced the price adjustment at a briefing held at the Secretariat on Wednesday, citing higher transport costs in the international market and geopolitical tensions in the Middle East as key factors behind the decision.
The secretary said the latest price increase applies only to bottled soybean oil, adding that no decision has been taken to change the prices of palm oil or other edible oils at present.
He said edible oil refiners and traders had been seeking a price adjustment for a long time. In response to their demand and changes in the global market, Bangladesh Trade and Tariff Commission collected data from Bangladesh Bank, the National Board of Revenue and other relevant sources before preparing its assessment.
According to the commission’s evaluation, rising international prices, particularly increased shipping costs through the Strait of Hormuz amid the Iran crisis, contributed to higher transportation expenses.
Ataur said the commission’s assessment suggested an increase of up to Tk10 per litre. However, the government decided to raise the price by Tk5 to minimise the impact on consumers and protect their purchasing power.
Commerce secretary urged traders to ensure an uninterrupted supply of soybean oil in the market. Importers and traders have assured the government that normal supplies will continue ahead of Ramadan and that no artificial shortage will be created.
Responding to concerns over possible artificial shortages, the secretary said monitoring teams from the Directorate of National Consumer Rights Protection were regularly overseeing the market. He added that no evidence of any oil shortage or crisis had been found so far.
The Commerce Secretary said the latest price adjustment was not permanent. The government is monitoring the market situation and will review prices again within the next two to three weeks or a month. He said if global soybean oil prices decline, the local market price will also be adjusted accordingly.
On the disruption of sugar production due to gas shortages in factories, Khan said the Power and Energy Division was working to restore normal gas supplies to industries producing essential commodities.
He added that the government has its own mechanism to control sugar prices and, if necessary, would supply sugar through the Trading Corporation of Bangladesh (TCB) to stabilise the market.
Addressing concerns over inflation following the announcement of a new pay scale, the secretary said the salary increases would be implemented in phases and would not create any immediate pressure on the market.
He said the government remains prepared to deal with any emerging situation and take necessary measures to maintain market stability.
