Due to the increase in price in the international market, the price of soybean oil has been increased by Tk seven per litre in the local market effective from today, Wednesday.
According to the new price, bottled soybean oil is Tk 160 per liter, up from Tk 153 earlier. And the price of loose soybean oil is Tk 136, which was Tk 129 before.
Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association made the announcement in a press release on Tuesday.
According to a press release signed by secretary of the organization Nurul Islam Mollah, “Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers have set new prices subject to discussions with the Bangladesh Trade and Tariff Commission and the Ministry of Commerce considering the rising trend of crude soybean oil and palm oil in the international market. The new prices will be effective across the country from Wednesday.”
According to the new price, open soybean oil is priced at Tk 134 per liter at the millgate, Tk 135 at the distributor price and Tk 138 at the retail level. Bottled soybean oil costs Tk 150 per liter at the millgate, Tk 154 at the distributor price and Tk 160 at the retail level.
A five-liter bottled soybean oil at Millgate is Tk 720, distributor price is Tk 740 and retail price is Tk 760. The price of palm oil has been fixed at Tk 116 per liter at Millgate, Tk 117 per liter at distributor and Tk 118 per liter at retail.
However, this price will not apply to old stockpiled oil at the distributor and retail level.
A meeting chaired by AHM Safiquzzaman, Additional Secretary, Import and Internal Trade (IIT) Division, Ministry of Commerce, on Sunday proposed raising oil prices at a meeting on stockpiling of daily commodities, imports and pricing.
After the meeting, Additional Secretary of the Ministry of Commerce Safiquzzaman said, "We have fixed the price of bottled soybean oil at Tk 153. Prices were rising in the international market, so they applied for a price increase within 8/10 days. According to the law of 2011, every 15 days the Tariff Commission will make an analysis and make a recommendation. We determine the price in consultation with the Ministry of Commerce, refineries. The Refinery Association later declared it on their official pads.”