Soybean oil price cut by Tk5 a litre

The commerce ministry has reduced the price of bottled soybean oil by Tk5 to Tk187 per litre.

The new price will be effective from 18 December, said a directive signed by Mst Shamima Akter, joint controller (IIT-5) of the commerce ministry.

According to the directive, the prices of a one-litre bottle of soybean oil has been reduced from Tk192 to Tk187, a five-litre bottle from Tk925 to Tk906 and loose soybean oil from Tk172 to Tk167 per litre.

Besides, the price of loose palm super oil has been reduced from Tk121 to Tk117 per litre.

According to the directive, the commerce ministry held a meeting with the traders on 13 December to review the import, stock and price of daily necessities and decided to reduce the edible oil price.

The government has taken an exceptional decision in the implementation of the new price of edible oil. It was decided to reduce the prices in the meeting on 13 December, but the traders have been given five days before it becomes effective. Earlier, such a decision would be implemented from the day after the announcement of price reduction or increase.

Sources at the commerce ministry said every time the price is reduced, the traders wait at least a week for the oil of that price to come to the market. When the price increases, oil at a higher price enters the market within a day or two. To avoid this situation this time, five days have been given after the decision, so that soybean oil at reduced price is available in the market from the date the order becomes effective.

The price was reduced due to the decrease in the price in the international market, said the commerce ministry.

Earlier, the price of soybean oil was increased by Tk12 per litre in mid-November, compared to the previous price.