Soybean oil price raised by Tk4, reaching Tk199 per litre

Soybean oil prices have been raised by Tk4 per litre, setting the new rate at Tk199 per litre.

Following the adjustment, a 5-litre bottle will cost Tk975, up from the previous price of Tk955.

Commerce Minister Khandaker Abdul Muktadir announced the revised prices today (29 April) after a meeting to review edible oil rates, saying the adjustment was made in line with market conditions.

Meanwhile, loose soybean oil has been priced at Tk180 per litre, up from Tk176. The price of palm oil remained unchanged at Tk166 per litre.

Justifying the upward revision, the minister said traders had been purchasing oil at elevated prices since Ramadan and selling at a loss, prompting persistent appeals from importers and refiners for a price correction, reports UNB.

"The prices of import-dependent commodities have risen due to adverse global conditions, placing significant strain on businesses," Muktadir said. "Traders had sought a steeper increase, but the government has kept prices within consumers' reach."

The minister assured consumers that prices would be reviewed and readjusted once the international soybean oil market stabilises.

Traders pledged to sell at the newly fixed rates and committed to making no further revision requests ahead of Eid-ul-Adha, he added.

The price adjustment comes amid a prolonged supply crunch lasting over a month, particularly for five-litre bottled soybean oil.

Soybean oil price up by Tk6 a litre, palm oil soars Tk16

Market surveys indicate the product has already been changing hands at Tk980 to over Tk1,020, well above the official ceiling of Tk955, underscoring the gap between regulated and street-level prices that the revised rates now seek to narrow.

Earlier on 7 December last year, the price of bottled soybean oil was set at Tk195 per litre, and loose soybean was priced at Tk176 per litre. Palm oil prices saw a sharper rise, with the rate increasing by Tk16 per litre to Tk166, from the earlier price of Tk150.