Soybean oil price increased by Tk14 per liter

The price of bottled soybean oil has been increased by Tk 14 per liter by edible oil mill owners, raising the retail price from Tk 175 to Tk 189 per liter.

The announcement came on Sunday through a press release issued by the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association.

The association stated that the new price has come into effect immediately from today.

According to the revised pricing, a five-liter bottle of soybean oil will now cost Tk 922, up from the previous rate of Tk 852. Alongside bottled oil, the prices of loose soybean oil and palm oil have also been adjusted. The new price for each is now set at Tk 169 per liter, up from Tk 157.

The last time the price of bottled soybean oil was increased was on December 9, when it was set at Tk 175 per liter.

It was learned that ahead of Eid, on March 27, mill owners had proposed a new hike in edible oil prices. At that time, traders had sought to raise the price of bottled soybean oil by Tk 18 per liter and loose soybean oil by Tk 13 per liter. The proposed hike was intended to take effect from April 1, the day after the expiration of the government’s tax concession on edible oil. On that date, the association had formally communicated its decision to the Ministry of Commerce and the Bangladesh Trade and Tariff Commission.

To keep prices affordable before Ramadan, the government had offered tariff and tax relief on edible oil. However, this concession expired on March 31, prompting the proposal for a price increase. After Eid holidays, discussions were held in phases from the beginning of last week regarding the new pricing.

During these negotiations, there were ongoing discussions between the government and traders over whether the price of soybean oil per liter would exceed Tk 190. Several meetings were held on Sunday, Tuesday, Wednesday, and Thursday of last week, but no final decision was reached during those sessions.