Palm oil costs 33% more after fuel price hike | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Saturday
July 12, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SATURDAY, JULY 12, 2025
Palm oil costs 33% more after fuel price hike

Markets

Omar Faruque
14 August, 2022, 10:25 pm
Last modified: 15 August, 2022, 02:52 pm

Related News

  • The end of cheap palm oil? Output stalls as biodiesel demand surges
  • Govt hikes diesel, kerosene, petrol, octane prices by Tk1 for Feb
  • Malaysian palm oil stocks hit 19-month low in December as output drops
  • Palm oil price rises Tk850 per maund
  • Malaysia announces adopt-an-orangutan plan for palm oil importers

Palm oil costs 33% more after fuel price hike

This, at a time when global market prices for palm oil are going down

Omar Faruque
14 August, 2022, 10:25 pm
Last modified: 15 August, 2022, 02:52 pm
Photo: Courtesy
Photo: Courtesy

The price of palm oil has increased 33% in the country in just nine days. Importers attribute this to the sudden fuel oil price hike on 5 August.

The local price of palm oil which was on a downward trend for some two months, has increased again at a time when global market prices for the essential item have been falling gradually for some time now.

On Sunday, a maund (40.9 kg) of palm oil sold for Tk6,000 in the country's largest wholesale hub, Khatunganj in Chattogram, which was Tk4,500 before the fuel price hike.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Importers said the recent fuel oil price hike and subsequent surge in transportation costs, as well as the volatile dollar market, contributed to the sharp price increase of the essential item.

"It's true that the price of palm oil has decreased in the global market. But we cannot benefit from that as the oil currently being sold in the market was imported at previous higher rates," said Pradeep Karan, deputy general manager of City Group – one of the few edible oil importers.

"On top of that, we now make import payments for the shipments which we booked two months ago at higher dollar rates; up to Tk15 higher on the dollar."

With the critical situation, the recent hike in fuel oil prices driving higher transport costs has pushed palm oil prices up substantially, he told The Business Standard (TBS).

"Apart from the fuel price hike and the dollar crisis, local trade and market manipulation have also been a great factor in the price hike of palm oil and several other commodities," a Khatunganj-based importer, who wished to remain unnamed, told TBS.

"If there is a possibility of a price hike for a product, the price of that particular product increases rapidly at Khatunganj with goods changing hands at a markup among traders," he explained.

However, talking to TBS, several wholesalers said it is importers who have increased the price of palm oil, taking advantage of the fuel price hike.

"The import cost of a maund of palm oil is now some Tk4,500 which includes all the costs such as freight charges and refining cost. But, importers have raised the price significantly to make higher profits," Abdur Razzak, proprietor of Ismail Trading at Khatunganj, said.

On Sunday, the global palm oil booking price fell to $954 per tonne from the record high of $1,776 in March this year, according to IndexMundi.

Although the palm oil market has seen volatility over a couple of days, the soybean oil market has remained unchanged for long. A maund of soybean oil is now Tk7,000 at wholesale market.

Economy / Top News

palm oil / Palm oil price / Fuel price hike

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Bangladesh and US hold tariff talks on 11 July 2025. Photo: CA Press Wing
    Dhaka, Washington to continue inter-ministerial dialogue as tariff talks end without full consensus
  • Photo: UNB
    WHO's Saima Wazed Putul placed on indefinite leave amid corruption allegations
  • Infograph: TBS
    Costly delays and doubts: Dhaka's BRT project spirals further with 55% cost jump

MOST VIEWED

  • In terms of stream of education, girls maintained their excellence as well. Photo: TBS
    SSC 2025: Girls dominate boys by over 5%
  • Photo: Mohammad Minhaj Uddin/TBS
    SSC, equivalent results: Pass rate drops to 68.45%, GPA-5 also declines
  • The overall pass rate across all boards this year, 68.45%, is significantly lower than last year's. Photo: Focus Bangla
    SSC 2025: Rajshahi board records highest pass rate, Barishal lowest
  • How S Alam’s Global Islami Bank cooked Tk2,259cr loss into Tk128cr profit
    How S Alam’s Global Islami Bank cooked Tk2,259cr loss into Tk128cr profit
  • Representational image. Photo: TBS
    SSC 2025: 73.63% pass rate among technical students, 68.09% at Madrasahs
  • Economist Abul Barkat; Photo: Courtesy
    Economist Abul Barkat arrested in graft case

Related News

  • The end of cheap palm oil? Output stalls as biodiesel demand surges
  • Govt hikes diesel, kerosene, petrol, octane prices by Tk1 for Feb
  • Malaysian palm oil stocks hit 19-month low in December as output drops
  • Palm oil price rises Tk850 per maund
  • Malaysia announces adopt-an-orangutan plan for palm oil importers

Features

After India's visa restriction, China's Kunming is drawing Bangladeshi patients

After India's visa restriction, China's Kunming is drawing Bangladeshi patients

14h | Panorama
Photo: Collected/BBC

What Hitler’s tariff policy misfire can teach the modern world

1d | The Big Picture
Illustration: TBS

Behind closed doors: Why women in Bangladesh stay in abusive marriages

1d | Panorama
Purbachl’s 144-acre Sal forest is an essential part of the area’s biodiversity. Within it, 128 species of plants and 74 species of animals — many of them endangered — have been identified. Photo: Syed Zakir Hossain/TBS

A forest saved: Inside the restoration of Purbachal's last Sal grove

1d | Panorama

More Videos from TBS

Renowned economist Abul Barkat imprisoned

Renowned economist Abul Barkat imprisoned

12h | TBS Today
All of Iran's uranium still intact, Israel claims

All of Iran's uranium still intact, Israel claims

12h | TBS World
Trump-Netanyahu in new strategy on Gaza issue

Trump-Netanyahu in new strategy on Gaza issue

14h | TBS World
Shocking science: why birds stay safe on electricity lines

Shocking science: why birds stay safe on electricity lines

15h | TBS Stories
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net