Soybean oil price has been hiked by Tk 14 per litre, confirms Commerce Adviser Sheikh Bashir Uddin
The price of bottled soybean oil has been increased by Tk 14 per litre, raising the retail price from Tk 175 to Tk 189, the adviser announced on Tuesday.
The announcement came after a meeting held at the Ministry of Commerce to review the import and overall supply situation of edible oil.
The advisor stated, “The new price of bottled soybean oil is now Tk 189 per litre, up from the previous Tk 175. A five-litre bottle will now cost Tk 922, compared to the earlier price of Tk 852.”
In addition to bottled oil, the prices of loose soybean and palm oil have also been increased by Tk 14 per litre.
He explained, “The adjustment has been made due to rising prices in the international market. The government will try to reduce the prices again in the future.”
Earlier, on March 27, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association wrote to the Bangladesh Trade and Tariff Commission proposing a Tk 18 hike per litre for bottled soybean oil and Tk 13 for loose soybean and palm oil.
The demand came following the expiry of tax exemptions on edible oil imports.
Despite holding discussions with all stakeholders last week, the government had not reached a consensus. The final decision was announced after Tuesday’s meeting.