Commerce Minister Tipu Munshi has said that the price of edible oil will not go down in the country as long as it remains high in the international market.
"The price of oil has skyrocketed in the global market which we regularly monitor to determine the domestic market price," the minister said today while talking to the media at his residence in Rangpur.
"The high import cost due to expanded freight ship fare amid coronavirus pandemic has also contributed to this price hike," he added.
Since 29 May, per litre Soybean oil is being sold at a heightened price of Tk153 after Bangladesh Vegetable Oil Refiners and Bonospoti Manufacturers Association issued a gazette notification in this regard on 27 May.
Prior to this, the price was hiked to Tk144 per litre in mid-May. The price of edible oil has reportedly been increased in five phases during the span of the last five months.
Before 30 December 2020, the bottled soybean oil was being sold at Tk115 per litre which has jumped by 38 percent or Tk38 per litre since then.