One month after a discussion with the Ministry of Commerce and Bangladesh Trade and Tariff Commission, the price of bottled soybean oil has been reduced by Tk 10 per litre to Tk 179 as edible oil prices have dropped in the international market.
Besides, the price of loose soybean oil has dropped by Tk 8 to Tk 159 per litre, said a press release issued by Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association on Tuesday.
The new prices will be effective from today (Wednesday). According to the new rates, a 5-litre jar of soybean oil will cost Tk 873, down by Tk 43 from the previous price.
According to the association, the price of loose palm oil has also been reduced by Tk 5 per litre to Tk 128 while bottled palm oil price by Tk 12 per litre to Tk 148.
Earlier in mid-June, the government lowered the prices of cooking oil.
On June 11, local edible oil refiners, as prescribed by the commerce ministry, reduced the maximum retail price (MRP) of bottled soybean oil by Tk 10 to Tk 189 per litre from Tk 199.
They also lowered the MRP of a five-litre soybean oil jar to Tk 920 while the MRP of one litre loose soybean oil was set at Tk 167. Besides, the price of palm oil was adjusted from Tk 135 to Tk 133.
The prices of cooking oil have been adjusted multiple times in response to fluctuations in international prices. The downward trend in international market prices of cuisine oil began in May 2022.
As per estimates from the World Bank, the price of soybean oil stood at $838 per tonne in 2020, but it increased to $ 1,963 per tonne in May 2022. Subsequently, global soybean oil prices fell to a one-year low of $1,130-1,150 per tonne in April.
