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Soybean oil prices hiked again, up to Tk 7 per litre

Staff Correspondent
09 Jun 2022 19:59:52 | Update: 09 Jun 2022 21:12:19
Soybean oil prices hiked again, up to Tk 7 per litre

The prices of soybean oil has witnessed another hike, adding up to Tk 7 per litre, putting a dent in consumers’ savings and forcing low- and middle-income consumers under more financial strain.

Although the Ministry of Commerce fixed the prices of the soybean oil afresh, it reduced the price of palm oil, according to a notification signed by Deputy Secretary Khandaker Nurul Hoq on Thursday.

With the new prices, bottled soybean oil per litre will go up by Tk 7 to Tk 205, while a five-litre bottled oil will be sold at Tk 997, up from Tk 985.

The price of loose soybean oil will be Tk 185 per litre, up from Tk 180.

At the same time, price of palm oil has been reduced to Tk 158 per litre down from Tk 172.

The new rates will be effective immediately as announced by the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, the statement said.

The edible oil prices witnessed fluctuations at a time when common people particularly have been facing adverse situation due to high inflation and the skyrocketing prices of most of the essentials.

Earlier on May 5, Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association hiked the price of refined bottled soybean oil by Tk 38 per litre to Tk 198, and price of the loose variety to Tk 180 per litre.

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The association also hiked the price of refined loose palm oil to Tk 172 per litre, making the rates effective from May 6.

Right before the Eid-ul-Fitr, soybean and palm oils had ran out of stock from the domestic market across the country.

As the crisis lingered even after Eid, government agencies started conducting drives across the country to reign in the prices of the kitchen item.

The government action established the fact that everyone involved in the supply chain, including importers, wholesalers, dealers and retailers, played a significant role in creating an artificial crisis of edible oil in the local markets with a view to raising prices.