General

Edible oil price increased in line with manufacturers’ proposal

Finally putting an end to weeks of speculation and uncertainty, the Commerce Ministry has decided to increase the price of bottled soybean oil by Tk 8 per liter.

The price of bottled soybean oil will now be Tk 168 per liter. The price of 5 liters of bottled soybean oil will be Tk795, which was Tk 760 earlier.

In January, The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORVMA) proposed to the Commerce Ministry to increase the maximum retail price (MRP) of edible oil by Tk 8 to Tk 168 per litre.

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The ministry decided to increase the price on Sunday after a lapse of about a month in the name of verification and reviewing the application.

Commerce Secretary Tapan Kanti Ghosh told UNB that the price of soybean oil has been adjusted considering the international market price.

Meanwhile, the Ministry of Commerce delayed the decision, but soybean oil prices rose sharply in the market. According to the Trading Corporation of Bangladesh (TCB), bottled soybean oil is currently being sold at Tk155 to Tk165 per liter.

Last October 19, the ministry increased the price of bottled soybean oil by Tk 7 per liter to Tk 160. Before that on May 27, the price of soybean oil was increased by Tk 9 per liter.

Source: United News of Bangladesh