Soybean oil price hiked

The government has increased the price of soybean oil in the country's market. As per the decision, the price of bottled soybean oil has been increased by Tk four per liter to Tk 199, which was previously Tk 195. 

At the same time, the price of loose soybean oil has also been increased to Tk 179 from Tk 175 per liter. 

In addition, a 5-liter bottle will now be sold for Tk 975. In addition, the price of palm oil will remain unchanged.

Commerce Minister Khandaker Abdul Muktadir gave this information after a meeting on the review of edible oil prices at the Ministry of Commerce on Wednesday.

The Commerce Minister said that due to the adverse global situation, the prices of various products have increased in the international market. In the case of products on which Bangladesh is dependent on imports, the increase in prices at the source level directly affects the import costs. 

Since soybean oil is completely dependent on imports, the impact of the increase in prices in the international market has also affected the country's market, he added.

The price of soybean oil in the international market started increasing since the month of Ramadan, he said, adding that since then, importers and refiners have been requesting the government for price adjustment. 

They claimed that if there is no price adjustment, they will face continuous losses and face capital crisis, he also said.

Stating that the government has examined the matter several times, the minister said, taking into account the international market price, import costs and related additional costs, it has been found that there is a rationale for the price increase. 

However, the entire price increase proposed by the traders has not been accepted. This price adjustment has been made to a limited extent keeping in mind the interests of consumers.

He expressed the hope that consumers will take this decision positively considering the global situation. At the same time, as a result of this adjustment, the pressure of losses on importers and refiners will reduce to some extent and the supply situation in the market will remain normal.

Senior officials of the Ministry of Commerce, representatives of refiners and importers associated with the edible oil industry were present in the meeting.