Soybean oil prices up Tk12, sugar Tk13

Bottled soybean oil prices have increased by Tk 12 to Tk 190 per litre while that of packaged sugar climbed by Tk 13 to Tk 108 per kg after the government approved the refiners’ proposal on Thursday.

The price of a five-litre soybean oil bottle has been hiked by Tk 45 to Tk 925. Besides, the new price of non-bottled soybean oil is Tk 172 per litre, up from Tk 158 per litre, while palm oil will be sold at Tk 121 per litre.

On the other hand, non-packaged sugar will be sold at Tk 102 per kg, which was Tk 90 per kg. The government had earlier raised sugar prices by Tk 6 per kg in the first week of October.

Bangladesh Trade and Tariff Commission as well as the Ministry of Commerce said the new prices took effect on Thursday.

The two essential commodities were already being sold at high prices in kitchen markets last week.

Bangladesh Trade and Tariff Commission Member Abu Raihan Al Biruni said several meetings had been held with millers to discuss the price hike.

“Taking into account the international market prices and the local refining costs, we have recommended hikes in sugar and oil prices as per the refiners’ proposal,” he said.

On Wednesday, Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, which represents the owners of edible oil refining and marketing companies, informed the commerce ministry of the soybean oil price hike.

In a proposal to Commerce Secretary Tapan Kanti Ghosh earlier on November 1, the association said bottled soybean oil prices should be increased by Tk 15 per litre.

Due to high prices in the international market and the devaluation of taka against dollar, the association proposed raising bottled oil prices from Tk 178 to Tk 193 per litre.

According to the Trading Corporation of Bangladesh (TCB), non-bottled soybean oil was selling at Tk 175-180 per litre, and bottled soybean oil at Tk 180 per litre, in the capital’s kitchen markets last week. Besides, palm oil was selling at Tk 135-140 per litre last week.

TCB data shows sugar had been selling at Tk 110-115 per kg for the last couple of weeks.