'Will try to bring down prices soon', commerce adviser says as soybean oil prices go up by Tk14/litre
The adviser said the new prices were fixed due to developments in the international market
The government has increased the price of bottled soybean oil by Tk14 per litre, Commerce Adviser SK Bashir Uddin has announced.
As per the decision today (15 April) after a meeting on the review of edible oil import, supply, and related issues at the Secretariat, the retail price of bottled soybean oil jumped to Tk189 from Tk175 per litre.
The adviser said the new price of a five-litre bottle of soybean oil has been fixed at Tk922 which was earlier Tk852.
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Alongside bottled oil, the new price of loose soybean and palm oil has been fixed at Tk169 per litre, up from Tk157.
The last hike in the price of bottled soybean oil was made on 9 December.
The adviser said the new prices were fixed due to developments in the international market. "We will try to bring the prices down in the coming days," he added.
Earlier on 27 March, the association of edible oil refiners wrote to the Bangladesh Trade and Tariff Commission, seeking a Tk18 hike per litre in bottled soybean oil and Tk13 in loose soybean and palm oil.
In the letter, the refiners said the exemption on import duties and taxes expired on 31 March which they cited as the reason for the proposed hike.
Despite holding meetings with all stakeholders last week, the government could not reach a decision on the matter until Tuesday.
