Economic Reporter :
Edible oil prices climbed to a new record in the country as the maximum rate of soya bean oil reached Tk 140 a litre due to the further buoyed by forecasts of lower production in first quarter of this year.
The prices of edible oils have started surging as the bio-fuel programmes in Malaysia and Indonesia have increased the consumption of palm oil in those countries, eventually leading to a spike in its price.
A reduction in production of palm oil in Malaysia is one of the reasons why prices of other edible oils are also increasing, the sector insiders said.
They hoped that the prices of all edible oil are like to increase in the second half of this year as prospects of a recovering palm oil production during this time.
The government can reduce import duty on palm oil, since its price hike impacts the prices of other edible oils, they added.
Edible oil prices continued to soar for consecutive weeks as refiners reviewed prices at Tk 135-140 per litre jar for their products recently. The rate was Tk 125-130 a week ago and Tk 115-125 two weeks ago. New five-litre bottle depending on companies will be charged Tk 655-700 in a few days, said grocers.
However, the old 5.0-litre jars are still selling at Tk 580-640 at many groceries. Loose soya bean oil remained static at Tk 118-122 a litre.
Super palm oil prices increased further by Tk 3.0-4.0 as sold at Tk 107-112 a litre on Thursday. The Trading Corporation of Bangladesh (TCB) recorded an 8.0-per cent hike in soya bean oil prices in a week.
However, the TCB data showed the current prices of soya bean and palm oil are almost same as that of 2011 when edible oil prices hit an all-time high.
The Bangladesh Trade and Tariff Commission (BTTC) has recently proposed withdrawal of value-added tax (VAT) on edible oil output and trade level to minimise price.
It is the second proposal by the BTTC just in six months for reviewing VAT on edible oil-from import level to marketing level.
The latest BTTC report said the current oil prices are 40-62 per cent higher than that of a year ago.
Prices of coarse and medium varieties of rice, however, fell slightly but garlic prices rose during the period.
Meanwhile, the imported sugar price is also increasing as it is selling at Tk 70 per Kg in the city’s kitchen markets.
Edible oil prices climbed to a new record in the country as the maximum rate of soya bean oil reached Tk 140 a litre due to the further buoyed by forecasts of lower production in first quarter of this year.
The prices of edible oils have started surging as the bio-fuel programmes in Malaysia and Indonesia have increased the consumption of palm oil in those countries, eventually leading to a spike in its price.
A reduction in production of palm oil in Malaysia is one of the reasons why prices of other edible oils are also increasing, the sector insiders said.
They hoped that the prices of all edible oil are like to increase in the second half of this year as prospects of a recovering palm oil production during this time.
The government can reduce import duty on palm oil, since its price hike impacts the prices of other edible oils, they added.
Edible oil prices continued to soar for consecutive weeks as refiners reviewed prices at Tk 135-140 per litre jar for their products recently. The rate was Tk 125-130 a week ago and Tk 115-125 two weeks ago. New five-litre bottle depending on companies will be charged Tk 655-700 in a few days, said grocers.
However, the old 5.0-litre jars are still selling at Tk 580-640 at many groceries. Loose soya bean oil remained static at Tk 118-122 a litre.
Super palm oil prices increased further by Tk 3.0-4.0 as sold at Tk 107-112 a litre on Thursday. The Trading Corporation of Bangladesh (TCB) recorded an 8.0-per cent hike in soya bean oil prices in a week.
However, the TCB data showed the current prices of soya bean and palm oil are almost same as that of 2011 when edible oil prices hit an all-time high.
The Bangladesh Trade and Tariff Commission (BTTC) has recently proposed withdrawal of value-added tax (VAT) on edible oil output and trade level to minimise price.
It is the second proposal by the BTTC just in six months for reviewing VAT on edible oil-from import level to marketing level.
The latest BTTC report said the current oil prices are 40-62 per cent higher than that of a year ago.
Prices of coarse and medium varieties of rice, however, fell slightly but garlic prices rose during the period.
Meanwhile, the imported sugar price is also increasing as it is selling at Tk 70 per Kg in the city’s kitchen markets.
