Staff Reporter :
Consumers will have to pay more to buy soybean and palm oil as the government approved the refiners’ proposal to increase the price of edible oil afresh.
The National Price Monitoring and Fixing Committee under the Bangladesh Trade and Tariff Commission fixed the price after a meeting with the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association on Sunday.
Following a meeting, Commerce Ministry additional secretary AHM Safiquzzaman told the media that the price of edible oil was revised in line with the price of the commodity on the international market.
He said that the Commerce Ministry allowed the businesses to increase the maximum retail price of a one-litre bottle of soyabean oil to Tk 168 from Tk 160.The price of loose soyabean oil has been increased to Tk 143 a litre from Tk 136 a litre.
The price of a five-litre bottle of soyabean oil has been set at Tk 795, which was previously Tk 760 at the consumer level.
The price of palm oil has been increased to Tk 133 a litre from Tk 118 a litre.
With Sunday’s revision, the government allowed traders to increase the prices of soya bean oil and palm oil seven times since February 2021.
Earlier, on February 17, 2021, Commerce Minister Tipu Munshi announced the price of bottled soya bean oil at Tk 135 a litre and loose soya bean oil at Tk 115 a litre at the consumer level.
Though the government on Sunday increased the price of a one-litre bottle of soya bean oil to Tk 168, traders increased the price one week before and selling the commodity for Tk 168-170 in the city markets.
Loose soya bean oil was sold for Tk 150-155 a litre in the city markets on Sunday and the prices were Tk 7-12 more than the prices set by the government.
Palm oil was sold for Tk 140 a litre in the city markets on the day and the price was Tk 7 more than the ministry-approved price of Tk 133 a litre.
The Commerce Ministry on Sunday set the price of a five-litre bottle of soya bean oil at Tk 795 but refinery companies replaced the price tag for five litres of packaged soya bean oil with Tk 800 two weeks ago.
