Bangladesh lowers palm oil price by Tk 19

The move comes in response to a drop in prices in the international market

Bangladesh has reduced the retail price of palm oil by Tk 19 per litre to Tk 150 after a drop in prices in the international market.

The price of soyabean oil, however, will remain unchanged at Tk 189 for a one litre bottle, Commerce Secretary Mahbubur Rahman announced at a media briefing on Tuesday.

Noting that both palm and soyabean oil prices are tied to global trends, he said: "Recently, palm oil prices have dropped in the international market, so we have reduced the domestic price. However, the price of soyabean oil remains unchanged in the international market."

Palm oil accounts for about 60 percent of the country’s edible oil consumption, he added.

"Usually, we only hear about price hikes. Today, we are announcing a price reduction."

The last adjustment to palm and soyabean oil prices was made on Apr 15.