The price of unpacked soybean oil has been cut by Tk 2 per litre
Published : 18 Apr 2024, 07:06 PM
The government has readjusted soybean oil prices, increasing the cost of widely used bottled products from Tk 163 to Tk 167 a litre.
However, the commerce ministry cut the price of unpacked soybean oil by Tk 2 to Tk 147.
The price of palm super oil has been set at Tk 135 per litre.
The new rates will take effect immediately as the VAT is being paid at the mills, State Minister for Commerce Ahasanul Islam Titu said after the revised prices were set in a meeting on Thursday.
But in the past, prices did not fall immediately after they were reduced by the government.
“It takes 15-20 days to process the imported products when the prices fall,” Titu claimed.
According to the new rates, the price of a five-litre bottle of soybean oil has been increased to Tk 818 from Tk 800.
Earlier, mill owners announced an increase in soybean oil price by Tk 10 per litre. But when the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association sent a letter to the government, seeking approval for the price hike from Tuesday, Titu said that there was no scope for the rise in soybean oil prices on that day.
The ministry has now set the new prices of edible oil after several meetings since the announcement of the price hike by the mill owners.
Before Ramadan, when the price of bottled soybean oil was reduced by Tk 10 to Tk 163 a litre for the last time on Mar 1, the price of a five-litre bottle of soybean oil was fixed at Tk 800.