Soybean oil prices drop Tk14 a litre

The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association on Monday reduced bottled soybean oil retail prices by Tk 14 to Tk 178 per litre.   

Besides, the new price of a five-litre bottle of soybean oil will be Tk 880, down from Tk 945, while non-bottled soybean oil will be retailed at Tk 158 a litre, which was Tk 175 per litre.

The new prices will come into effect Tuesday (today), read a press release issued by the association’s Executive Officer Nurul Islam Molla.

It said prices were cut considering the woes of consumers caused by inflation and commodity price hikes.

The release also said the edible oil owners’ association members met Salman F Rahman, the private industry and investment adviser to the prime minister, and Senior Secretary at the Prime Minister’s Office Md Tofazzel Hossain Miah. They talked about the higher exchange rate of dollar against taka and the difficulties in opening letters of credit.

The decision to cut oil prices was made after the meeting, the release added.

City Group Chairman Fazlur Rahman, Meghna Group Chairman Mostafa Kamal, and TK Group Managing Director Mustafa Haider were present in the meeting.

Earlier on August 22, the association raised soybean oil prices by Tk 7 per litre to Tk 192 per litre amid inflationary pressure. Non-bottled soybean oil prices were also increased.