Bottled soybean oil price rises Tk5 to Tk204 per litre

The government has raised the maximum retail price of bottled soybean oil by Tk5 to Tk204 per litre, up from Tk199, citing higher international prices and import costs.

The decision was taken at a meeting with edible oil traders at the Ministry of Commerce today (2 September), according to a ministry press release.

Speaking to reporters after the meeting, Commerce Secretary Md Ataur Rahman Khan said importers had sought a price increase due to rising global edible oil prices and higher transportation costs.

"Bottled soybean oil price has been increased from Tk199 to Tk204 per litre. However, the prices of loose soybean oil and palm oil have been kept unchanged," he said.

The secretary said traders had proposed a larger price hike, while the Bangladesh Trade and Tariff Commission (BTTC) had recommended increasing the price by Tk10 per litre.

However, considering consumer interests and the overall market situation, the government opted for a smaller adjustment, he said.

Ataur Rahman Khan said the country currently has adequate supplies of edible oil and there is no shortage in the market.

"The government is regularly monitoring the market to keep it stable," he said.

Asked whether edible oil prices could be raised again before Ramadan, the commerce secretary said any future adjustment would depend on international market prices, import costs and the overall supply situation at the time.

On whether the latest oil price adjustment, along with the recently approved new pay structure and higher sugar prices, could put additional pressure on inflation, he said the government had not so far identified these factors as causes of overall inflation.

He said the government was taking various measures to keep inflation under control.

The ministry said the latest adjustment was made in a limited manner to reflect changes in global prices and import costs. It said keeping the prices of loose soybean and palm oil unchanged would help limit the impact on consumers.