Soybean oil price goes up Tk7-9

Local refiners have hiked the prices of bottled soybean oil by Tk7 per litre, and loose soybean oil by Tk9 although international edible oil market has been on the decline for months.

The bottled soybean oil will now be available at Tk192 per litre instead of the earlier Tk185. Similarly, loose soybean oil will be retailed at Tk175 per litre instead of Tk166, and a five-litre bottle of the key cooking ingredient will cost Tk945.

The fresh hikes were notified by the Bangladesh Vegetable Oil Refiners and Bonaspati Manufacturers Association.

According to the notification signed by Nurul Islam Molla, the Executive Officer of the association, the new prices were made effective from Tuesday.

The decision to increase the soybean oil prices was taken after discussions with the country’s Trade and Tariff Commission and the Ministry of Commerce on August 17.

The association had sought a 20 percent price hike at the meeting. Similarly, the price of one litre of loose palm oil has been fixed at Tk145.

The edible oil marketing companies cut the prices of soybean and palm oil on July 17 adjusting the costs in line with global market rates.

The crude soybean oil price was around Tk1800 per tonne in the world market early June this year and sold at around Tk1430 per tonne early August.