The government has allowed edible oil refiners to increase the price of soya bean oil by Tk 2 a litre against the refiners’ decision to increase the price by Tk 5 a litre.
Previously, the government increased the prices of edible oil twice in February and March.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association in a statement issued on Monday said that considering the price hike of edible oil on the international market, the association had decided to increase the price of soya bean oil by Tk 5 a litre but the commerce ministry allowed them to increase it by Tk 2 a litre.
With the effect of the new price, soya bean oil will be retailed at Tk 141 a litre until Eid-ul-Fitr.
A national committee on marketing of essential commodities, headed by commerce secretary Md Jafar Uddin, increased the prices of edible oil on March 15 as the refiners proposed that the government should review the prices of the essential commodity in line with the prices on the international market.
The committee set the maximum retail price of a one-litre bottle of soya bean oil at Tk 139 a litre and the price of five litres of packaged soya bean oil at Tk 660.
The refiners on April 19 once again sent a letter to the Bangladesh Trade and Tariff Commission to increase the price of soya bean oil by Tk 5 a litre to Tk 144 a litre with effect from April 25.
One week after the increase in the price, the refiners on Monday announced that the price of soya bean oil would increase by Tk 2 a litre instead of Tk 5 a litre due to the request of the commerce ministry.
According to the Trading Corporation of Bangladesh, the price of soya bean oil had increased by 34 per cent and that of palm oil by 40 per cent in the last one year.
A one-litre bottle of soya bean oil sold for Tk 135-140 while five litres of packaged soya bean oil sold for Tk 635-660 in the city markets on Monday.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Commodities