Soybean oil price hiked by Tk 6 per litre

Traders have announced an increase in the price of bottled soybean oil by Tk 6 per litre, while loose soybean oil prices have risen by Tk 3 per litre. In addition, palm oil prices have gone up by Tk 13 per litre.

The price revision was confirmed in a press release from the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association on Monday.

Earlier in August, negotiations between the government and traders over edible oil prices had reached a deadlock. Traders had proposed a Tk 10 increase per litre for soybean oil, but the Ministry of Commerce had only approved Tk 1, prompting frustration among the business community, who then delayed announcing prices.

Following recent discussions with the Ministry of Commerce, traders decided to implement the new price hike.

Under the revised rates bottled soybean oil from Tk 189 to Tk 195 per litre, loose soybean oil from Tk 174 to Tk 177 per litre, palm oil from Tk 150 to Tk 163 per litre, and 5-litre bottled soybean oil set at Tk 945.

The new prices are effective immediately across the market.