Bottled soybean oil price hiked by Tk 4 per litre

The government has also increased the price of unbottled soybean oil by Tk 2 per litre to Tk 179

The price of bottled soybean oil has been raised by Tk 4 per litre to Tk 199.

Accordingly, a five-litre bottle will now cost Tk 975, following a hike of Tk 20.

The government has also increased the price of unbottled soybean oil by Tk 2 per litre to Tk 189.

Commerce Minister Khandaker Abdul Muktadir announced the new prices following a meeting of the cooking oil price monitoring panel at the Secretariat on Wednesday.

The price of bottled soybean oil has been raised by Tk 4 per litre to Tk 199.

Accordingly, a five-litre bottle will now cost Tk 975, following a hike of Tk 20.

The government has also increased the price of unbottled soybean oil by Tk 2 per litre to Tk 189.

The price of unbottled soybean oil began to rise when the import of unrefined cooking oil was disrupted by the war in the Middle East.

Consumers also started to feel the pinch of increasing transport costs as fuel oil prices rose due to the conflict.

On Apr 12, the commerce minister had urged consumers not to panic “unnecessarily”, claiming that there was “sufficient” supply of edible oil in the market.

Although there was sufficient supply at the time, he also pointed to a potential shortage and indicated that prices would not be increased.

However, following a meeting with the edible oil supply companies of the country, he said: "Many have complained that there is a shortage of these two brands -- Rupchanda and Teer. However, Fresh is still in stock. Many also sell unbottled oil and they have supplies as well. I even saw a new brand. There are arguments for and against the decision.

"But the point is, there is a shortage of certain brands of bottled soybean oil. I saw this in the market that day. We are assessing these situations today."

On Apr 9, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, an organisation of mill owners, announced a proposal to increase the price of edible oil.

The organisation had also sent a proposal to the Ministry of Commerce a few days earlier on the matter, but the government did not agree.

A similar incident had occurred in December.

Then, the organisation had announced a price adjustment, but the interim government did not agree to the mill owners.

Eventually, the Ministry of Commerce and Bangladesh Trade and Tariff Commission (BTTC) scrutinised the proposal and decided not to raise the price.

Instead, they conducted raids in different areas of the country and fined people for selling at higher prices.

This time, the government has itself decided to increase the price.

On Oct 14, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association decided to increase the price of edible oil by Tk 6 per litre and by Tk 8 for refined oil.

At the same time, the Association of Edible Oil Producers and Refiners has announced an increase in the price of crude palm oil by Tk 13 per litre.

At the time, bottled soybean oil was selling for Tk 195 per litre, up from Tk 189.

Crude soybean oil was sold at Tk 177 per litre, up from 169 taka.

The price of a 5-litre bottle of soybean oil increased by Tk 25 to Tk 945.

The price of crude palm oil was Tk 163 per litre.