The government has increased the price of soybean oil by Tk 8 per liter.
According to the new price, a litre of bottled soybean oil will cost Tk 168 and a five-litre bottle will cost Tk 795. Until now, a one-litre bottle was available at Tk 160 and a five-litre bottle at Tk 760.
Last month, the Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association, an association of edible oil refineries, applied to the Commerce Ministry to increase the price of soybean oil to Tk 8 per litre. The ministry then informed the traders that the prices could not be increased till February 6.
On Sunday, Commerce Ministry additional secretary AHM Safiquzzaman said the decision was taken in view of the demands of edible oil traders and after reviewing the international market.
“Traders have been demanding to increase the price since last month. At that time they were told that the price could not be increased till February 6. The issue of raising prices has been reviewed within this stipulated time. Accordingly, it was decided to increase the price today,” he added.
On October 19, the Commerce Ministry increased the price of bottled soybean oil by Tk 7 per liter.