Bottled edible oil producer and marketing companies have decided to hike soybean oil price – Tk8 per litre. They have linked the hike with the recent condition in the international market.
The current price range, Tk100-102 per litre, will be Tk110 in two or three days.
However, soybean prices have been dropping in the international market in the last two months.
According to the IndexMundi, a commodity market analyser, per tonne of unrefined soybean oil was at $688.50 on December 12. The price shot highest at $793 in August last and then started dropping gradually.
The edible oil producers and marketing companies of the country, however, have initiated the price hike. The retail price of the Bangladesh Edible Oil Limited's soybean brand Rupchanda is Tk110 per litre while other brands vary in between Tk100 to Tk102 per litre.
Association of the cooking oil refiners and producers has informed the Bangladesh Tariff Commission (BTC) about the hike. In their explanation, the association said they will edge up their respective brands to the same level as Rupchanda.
Deputy managing director of Meghna GroupAsif Iqbal told The Business Standard that they have proposed price hike. Their cooking oil brand Fresh will cost Tk110 per litre, which is currently Tk102.
The leading edible oil companies including City Group, Bashundhara Group, TK Group, Bangladesh Edible Oil and S Alam sat with the Tariff Commission on November 27. After the meeting, they announced that they had no plan to raise oil price.
Loose soybean oil prices rise again
Prices of loose cooking oil have risen for the second time in a month.
Per litre loose oil is being sold at Tk88-90, with a hike of Tk5. Traders said the rise in the international market prompted the hike for the second time.
The price jumped to Tk84-85 from Tk78-80 just 15 days ago.
State-run Trading Corporation of Bangladesh says soybean oil price has risen by 2.42 percent. However, the actual hike is more than what the government data shows.
Kalam, a Karwan Bazar kitchen market trader, said per maund cooking oil price has increased by Tk200 in the wholesale market.
Wholesalers in Dhaka said per maund soybean oil is being sold at Tk3,030 currently, which was Tk2,800 even a week ago.
Mohammad Ali Bhutta, a trader of Dhaka's Moulvibazar wholesale market, said cooking oil price hike at the international level is affecting the local markets.