The government on Wednesday set the retail price of soya bean oil at Tk 135 a litre, the same price at which the essential commodity is retailing on the local market after the recent surge in its price.
Commerce minister Tipu Munshi announced prices of edible oil at a press briefing at the Bangladesh Secretariat following a meeting with importers and traders.
The minister said that against the backdrop of the price hike of edible oil on both the international and the local markets, a national committee on marketing of essential commodities comprised of senior officials of the government and representatives from businesses had set the prices of the commodity.
He said that the new prices of edible oil would come into effect immediately and the prices would be lowered once those on the international market are decreased.
The commerce minister said that the maximum price of a one-litre bottle of soya bean oil has been set at Tk 135 at the retail level, Tk 127 at the distribution level and Tk 123 at the mill gate.
The price of five litres of packaged soya bean oil has been set at Tk 630 at the retail level, Tk 610 at the distribution level and Tk 590 at the mill gate.
The price of unpackaged soya bean oil has been set at Tk 115 a litre at the retail level, Tk 110 a litre at the distribution level and Tk 107 a litre at the mill gate.
The price of super palm oil has been set at Tk 104 a litre at the retail level, Tk 98 a litre at the distribution level and Tk 95 a litre at the mill gate.
Tipu Munshi said that the prices of edible oil increased by 65 per cent on the international market in the last six months and at the same time the shipping cost also went up.
‘The government agencies and the representatives of the business community jointly evaluated the market and set the edible oil prices considering the price hike of the commodity on the international market,’ the commerce minister said.
He said that the committee on marketing of essential commodities would sit on a fortnightly basis to evaluate the market and both the ups and the downs in prices on the international market would be considered.
The minister also said that the government requested businesses to increase the import of edible oil to meet the demand of the commodity during the upcoming Ramadan as the stock of the commodity decreased in the country in recent months.
‘Importers are feeling shaky in importing edible oil in large quantities at high prices as they may face losses if the international prices of the commodity decrease by then,’ Tipu Munshi said.
According to the Trading Corporation of Bangladesh, the prices of edible oil increased by Tk 25-30 a litre in the last three months.
A one-litre bottle of soya bean oil sold for Tk 130-140 while five litres of packaged soya bean oil sold for Tk 580-640 in the city markets on Wednesday, TCB data said.
The data showed that a one-litre bottle of soya bean oil sold for Tk 105-110 while five litres of packaged soya bean oil sold for Tk 480-520 in the city markets on November 17 this year.
Unpackaged soya bean oil sold for Tk 116-120 a litre and palm oil sold for Tk 105-107 a litre on Wednesday while the prices were Tk 97-100 a litre and Tk 91-93 a litre in November, the government data showed.
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