Soybean oil prices up Tk4 per litre

The commerce ministry and the Bangladesh Trade and Tariff Commission have raised soybean oil prices by Tk4 per litre after analysing prices in the international market.

Customers now have to buy bottled soybean oil for Tk153 a litre while the price of non-bottled soybean oil will be Tk129 per litre.

The new price of a five-litre bottle of soybean oil has been set at Tk728. 

Besides, palm oil will be sold at Tk116 per litre, up from Tk112. 

The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association proposed a Tk11 rise in prices, but an increase of Tk4 was approved. 

The decision was made at a meeting attended by oil producers at the commerce ministry on Sunday.  

Commerce Secretary Tapan Kanti Ghosh told The Business Standard the Tk4 increase was supposed to come before Eid due to the rise in prices in the international market. 

But prices were reduced instead due to Eid and the coronavirus pandemic, and the increase took effect now, he added. 

In July, soybean oil prices fell by Tk4 per litre following a drop in prices in the international market.

The price of sugar was also discussed at Sunday's meeting, and it would be set on 7 September following a meeting with the bodies concerned, Tapan said.

He also said sugar prices were not fixed as producers were not ready to discuss that. 

The tariff commission would analyse and set prices after two days, he added. 

On 27 May, the vegetable oil refiners association increased soybean oil prices by Tk9 per litre. The price of a bottle of soybean oil was then set at Tk153 per litre, up from Tk144. 

Oil prices rose by 160% in the international market after the Covid-19 outbreak due to instability, but the increase was only 35-40% in the domestic market.