Edible oil prices to remain unchanged for now: Tipu Munshi

Edible oil prices at the retail level will remain unchanged for at least the next 15 days.

A decision will be taken after February 6 after further reviewing the matter, Commerce Minister Tipu Munshi told the media on Wednesday.

The minister, earlier on the day, held a meeting with millers, refiners, wholesalers and importers of edible oil in the commerce ministry conference room at the secretariat.

The commerce minister said, "We will increase the price if we need to after 15 days.”

The minister also said the prices may even go down if needed considering the global market situation.

At present, bottled soybean oil is priced at Tk160 per litre and loose soybean oil at Tk136 per litre.

Earlier, the Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers Association had earlier proposed a Tk 12 increase on the prices of soybean and palm oil.

However, the government countered the proposal with a suggestion of a Tk 8 hike.

At present, a litre of bottled soybean oil is being sold for Tk 160 which was Tk 108 at the beginning of 2021. ‎

On January 6, the price of soybean oil in the international market decreased by $16 per barrel while the price of palm oil also fell by $53 per barrel.