Edible oil prices raised yet again
A litre of bottled soybean oil to be sold at Tk180 in retail, non-bottled at Tk143, palm oil at Tk150
The prices of edible oil in the local market have been raised yet again thanks to a volatile global market. With the latest hike, the country saw the surge in prices of the essential cooking ingredient twice in February.
According to the new rates effective from 1 March, customers will have to pay Tk180 per litre of bottled soybean oil in retail – an increase of Tk12. Besides, the price of a litre of loose (non-bottled) soybean oil has been increased by Tk14 to Tk143 and palm oil by Tk17 to Tk150.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association made the announcement on Sunday. In a letter, it informed the Bangladesh Trade and Tariff Commission about the price hikes.
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Earlier on 6 February, the prices of soybean oil were increased by Tk8 per litre and palm oil by Tk15 per litre.
According to the association, the price of a tonne of unrefined soybean oil increased to $1,700, which was $1,400 early this month.
The global soybean oil market remained volatile in the last couple of months thanks to the Covid-induced interruption in the supply chain, it said.
"Apart from the prolonged pandemic impact, the ongoing Russia-Ukraine war has fuelled the volatility of the global soybean oil market," said Biswajit Saha, executive director of City Group, the largest consumer-goods importer of the country.
"Though we import a small amount of soybean seed from the countries, the war has a bad impact on the global supply chain," he told The Business Standard.
In October last year, oil prices per litre rose to Tk160 for bottled soybean oil, to Tk136 for loose oil, and to Tk118 for palm oil.
