Soybean oil price hiked by Tk7 per litre
Soybean oil prices rose again with the new price fixed at Tk7 for a litre of bottled soybean and Tk9 for loose packs.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association announced the price hike on Monday after meetings with the Bangladesh Tariff Commission and the Ministry of Commerce.
The new prices will come into effect from Tuesday, the association said in a press release.
Sources at the commerce ministry said the price of soybean oil in the international market was fixed at $1,500 dollars per tonne, with the dollar valued at Tk105.
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On 3 August, the association had proposed increasing the price of soybean oil by Tk20 per litre. The proposal came just weeks after the government reduced the price by Tk14 a litre at the retail level, following a price drop in the international market.
The price of loose soybean oil has been increased to Tk175 per litre from Tk166, while the price of bottled soybean oil has been set at Tk192, up from Tk185. For five-litre bottles, the price has been set at Tk945 from Tk910.
At the same time, the price of palm oil has been decreased from Tk152 per litre to Tk145.
Director of TK Group Md Shafiul Ather Taslim said the price rise was because of the high dollar value, which in turn increased import costs.
He said any instability in the dollar market would mean less benefit even if prices fell in the international market.
