Soybean oil price hiked by Tk 6, palm oil rises sharply

After discussions with the government, traders have decided to raise the prices of edible oils in the domestic market, following the cancellation of an earlier plan to increase soybean oil by Tk 9 per litre.

According to a media release issued on Sunday by Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, the price hike will take effect from Monday.

Bottled soybean oil has been increased by Tk 6 per litre to Tk 195, while loose soybean oil has gone up by Tk 7 per litre to Tk 176.

Palm oil has seen a sharper rise of Tk 16 per litre and the price of a five-litre bottle of soybean oil has been raised by Tk 33.

The association stated that the new rates were finalized in consultation with the Commerce Ministry to ensure alignment with market conditions.