The government has raised prices of edible oil for the second time within a span of just one month, citing volatility on the international market.
The National Price Monitoring and Fixing Committee under the Bangladesh Trade and Tariff Commission at a meeting on Monday increased the price of loose soybean oil by Tk2 per litre to Tk117.
The price of bottled soybean oil has been increased by Tk4 to Tk139 per litre and that of a five-litre-bottle by Tk30 to Tk660 per bottle.
Further, the retail price of palm oil has been raised from Tk104 to Tk109 per litre.
The committee last set the price of edible oil on 15 February.
Sources said the new prices were set up after analysing the prevailing Free on Board (FOB) price of crude soybean oil and palm oil on the international market, which are $1,275 and $1,037 per tonne, respectively.
The annual demand for edible oil in the country is about two million tonnes, almost all of which is met with imports. The prices of crude soybean and crude palm oil have been on an upward trend on the international market since July 2020.
On 10 March, the committee held a meeting at the BTTC when it was recommended that three-tier VAT be turned into just one to control edible oil prices. The Commerce Ministry also recommended halving the current tariff on oil if necessary.