Soybean oil price up by Tk6 per litre, palm oil Tk16

The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association raised edible oil prices, increasing the rates of bottled soybean and palm oil from Monday.

In a statement issued on Sunday, the association said the price of bottled soybean oil would rise to Tk195 a litre from Tk189.

Loose soybean oil would now sell for Tk176 a litre, up from Tk169. A five-litre bottle was fixed at Tk955, compared with Tk922 earlier, the statement read.

Palm oil has seen the sharpest jump, climbing to Tk166 a litre from Tk150.

The association said the new rates were set in consultation with the commerce ministry to bring domestic prices in line with the global market.

On 10 November, refiners sought approval from the Bangladesh Trade and Tariff Commission to raise prices due to rising international costs.

They increased prices from 24 November without the ministry’s consent, prompting warnings from Commerce Adviser Sheikh Bashir Uddin.

In that phase, the price of soybean oil was increased by Tk9 from Tk189. Refiners later withdrew part of the hike.