Govt to raise edible oil prices

The Bangladesh government has decided to increase the retail prices of edible oil following sharp rises in international markets, officials confirmed on Monday.

The decision was reached during a meeting between Commerce Adviser Sk Bashir Uddin and leading traders at the Secretariat.

Both loose and bottled soybean and palm oil will see price hikes, with traders expected to announce the revised rates soon.

Industry representatives said global soybean and palm oil prices have jumped by 18–20 percent in recent weeks. The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association noted that soybean oil prices have already climbed to USD 1,200 per tonne on the international market.

The adjustment marks a reversal of last month’s price reduction, when palm oil was cut by Tk 19 to Tk 150 per litre on August 12, while soybean oil remained unchanged at Tk 189 per litre. In April, the government had fixed soybean oil at Tk 189 and palm oil at Tk 169 per litre.

Officials said the latest move was necessary to align domestic prices with international costs and prevent supply disruptions.