The government has announced an increase in the maximum retail price of bottled soybean oil by Tk 5 to Tk 204 per liter. This adjustment is a response to the escalating international prices and import expenses. The new price revision will come into effect starting tomorrow, as decided during a meeting between the Ministry of Commerce and edible oil traders held today.
Commerce Secretary Md Ataur Rahman Khan disclosed the price hike, stating that bottled soybean oil would now be priced at Tk 204 per liter, up from Tk 199. However, the prices for loose soybean oil and palm oil will remain unchanged, according to Khan.
This decision was prompted by requests from edible oil refiners and importers for a price revision. The Bangladesh Vegetable Oil Refiners’ and Vanaspati Manufacturers’ Association highlighted a significant increase in the cost of imported edible oil due to rising international prices. They noted that the imported edible oil cost had reached Tk 217 per liter, whereas refiners were selling bottled soybean oil at Tk 199, resulting in a loss of approximately Tk 18 per liter over the past three months.
Although the Bangladesh Trade and Tariff Commission recommended a Tk 10-per-liter increase, traders sought a higher adjustment during the meeting. However, the government opted for a more conservative adjustment to safeguard consumer interests, as mentioned by the commerce secretary.
Explaining the rationale behind the decision, Ataur mentioned that importers had requested a price adjustment due to the surge in international edible oil prices and increased transportation costs. After assessing the market conditions, the government decided on a limited adjustment. He reassured that there is currently an ample supply of edible oil in the local market with no shortages.
Regarding potential future price changes before Ramadan, Ataur stated that it would hinge on international prices, import expenses, and overall supply conditions at that time. Meanwhile, the refiners, in a press release, expressed acceptance of the Tk 5 increase, as they were assured of further price adjustments in the near future.
