Mill owners hike cooking oil price again after 5 months

Traders are increasing the price of bottled cooking oil by Tk 6 per litre and loose oil by Tk 8.

In addition to these products, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association announced on Monday a Tk 13 per litre hike for loose palm oil.

According to the trade body's statement, these new prices will take effect from Tuesday.

The organisation claims that the new rates were "adjusted in line with the international market after discussions with the Ministry of Commerce”.

As per the new rates, each litre of bottled soybean oil will sell for Tk 195, up from Tk 189.

Loose soybean oil will cost Tk 177 per litre, up from the current Tk 169.

The price of a 5-litre soybean oil bottle rose by Tk 25 to Tk 945, from Tk 920.

Loose palm oil will now cost Tk 163 per litre, compared with Tk 150 previously.

For the past few months, traders had been negotiating with the government to raise the price of cooking oil.

The government had previously resisted the price hike, fearing it would exacerbate inflation.

This time, however, traders raised the price, citing an increase in international market rates.

Earlier, in April, the price of soybean oil was raised by Tk 14 per litre for the last time.