Retail price of soybean oil jumps to Tk 198 a litre

The price of per litre bottled soybean oil has increased by Tk 38 to Tk 198.

Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association disclosed the new price in a statement on Thursday.

They blamed the price hike on the international market.

The association also increased the price of loose soybean oil from Tk37 to Tk180 per litre and five-litre bottled ones to Tk 985, up from Tk 760. The price of palm oil has also been increased to Tk 172 per litre from Tk 130.

The decision was taken at a meeting of Commerce Secretary Tapan Kanti Ghosh and the association which took place at the secretary's office on Thursday. 

After a meeting with the leaders and members of the association, told the media that the new price will come into effect from tomorrow (Friday).

“We hope that the crisis of edible oil is over from tomorrow,” he added.

The secretary said the local edible oil refiners have been trying to increase the edible oil price for one and half months as the prices in the international market increased along with the Indonesian government imposing restrictions on the export of palm oil.

However, the secretary said, “We didn’t allow them to raise prices to avoid extra financial suffering to people during the month of Ramadan.”

City group Adviser Amitava Chakraborty said the refineries and wholesalers are not to blame for the crisis of the soybean in the local market. He also alleged the retailers of kitchen markets are creating the crisis of edible oil.

The price hike proposal was placed before the Commerce Ministry to adjust to the international market, he added.

On March 20, the government slashed the prices of soybean oil to Tk 160 per litre ahead of Ramadan amid soaring prices of the abundantly used essential during the holy month. Loose soybean oil was reduced to Tk 136, and five-litre bottled soybean to Tk 760.