Edible oil refiners want yet another price hike

The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association seeks to hike soybean and palm oil prices by Tk 8 from Saturday, and in this regard, they sent a letter to the commerce ministry’s Senior Secretary Tapan Kanti Ghosh this week.

Confirming the matter to The Business Post, Tapan said, “We received a letter regarding the price hike of edible oil from the association, and we will discuss the matter in a meeting on Thursday.” A litre of bottled soybean oil will cost Tk 168 from January 8, says the recently sent letter.

On October 17 last year, the government and edible oil refiners in a meeting agreed to hike the rates due to a price increase in the global market.

Two days later, the association raised the prices of soybean oil by Tk 7 and palm oil by Tk 3 per litre.

Currently, per litre of bottled soybean oil is being sold for Tk 160 and loose soybean oil for Tk 136. Per five-litre bottled soybean oil is being sold for Tk 760 and per litre palm oil for Tk 118.