Refiners insist on edible oil price hike again

Refiners and distribution companies have proposed raising the price of bottled soyabean oil by Tk 11 per litre. 

Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association sent a letter to Bangladesh Trade and Tariff Commission recommending hiking loose palm oil price by Tk 12. 

A litre of bottled soyabean oil currently costs Tk 149 but traders have already hiked loose palm oil price to Tk 118-120 in the capital’s market.

According to state-run Trading Corporation of Bangladesh, loose soyabean oil prices increased 9 per cent and loose palm oil 10 per cent in a month. The prices of bottled soyabean oil remained unchanged.

The association wrote to Tariff Commission on August 5 to revise oil prices. The law stipulates informing the commission before raising prices. The commerce ministry will hold a meeting today on the recent price hike of daily commodities and the association’s proposal.

“Prices of some daily necessities, including edible oil and sugar, have increased. The meeting will discuss the issue to keep the market stable,” Additional Secretary AHM Shafiquzzaman told The Business Post.

In their letter, the association said edible oil prices were rising in the international market and argued that it was only natural that the local market would be affected.

It proposed raising price of a one-litre soyabean oil bottle to Tk 160 and a five-litre bottle to Tk 775. It suggested increasing loose soyabean oil price to Tk 135 per litre and loose palm oil to Tk 120.

Lutfur Rahman, a retail trader from Mirpur, said that edible oil prices increased by Tk 5 per litre within a week.

The government fixed the prices of edible oil on February 17.