Price of soybean oil up by Tk12, sugar by Tk13
A five-litre bottle of soybean oil will cost Tk925
The prices of soybean oil and sugar have gone up by Tk12 and Tk13, respectively.
As per the new rates, effective immediately, consumers will have to pay Tk190 for a one-litre bottle of soybean oil and Tk108 for 1kg of packaged sugar. A five-litre bottle of soybean oil will cost Tk925.
The prices of loose oil and sugar have been set at Tk172 and Tk102, respectively. In addition, the price of palm oil has been fixed at Tk121 per litre.
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The Bangladesh Sugar Refiners Association and the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association issued notifications regarding the price hikes on Thursday.
Earlier on 3 October, the price of soybean oil was reduced by Tk14 a litre.
According to commerce ministry sources, refiners and manufacturers earlier submitted a proposal to the ministry for hiking the prices of the two consumer goods as the import of crude soybean oil and raw sugar, along with production costs, have gone up.
In response, the ministry asked the Bangladesh Trade and Tariff Commission to analyse the proposal and submit a report.
The commission in its report recommended an increase in the prices of bottled soybean oil and sugar.
The ministry finally approved the recommended prices of the products. However, due to the delay in fixing the new prices, the manufacturing companies reduced the supply of the two products in the market for a few weeks.
An official of a leading producer and marketer of consumer goods, wishing not to be named, told The Business Standard, "Traders requested the price hike due to a number of reasons including the volatile dollar market, the LC limit, the increase in the cost of imports and the disruption of production due to gas and electricity shortages."
