A bottle of one litre soybean oil will now cost Tk 185, down from Tk 199. Loose soybean oil price has been cut to Tk 166 a litre from Tk 180. Palm oil price has been reduced to Tk 152 per litre from Tk 158.
An official announcement on the new prices will be made on Monday, the secretary said.
In the last readjustment on Jun 26, the prices of cooking oil were cut slightly, with the price of a one litre bottle of soybean oil reduced to Tk 199 from Tk 205.
The prices rose sharply in Bangladesh following a hike in the global market due to the Russia-Ukraine war. The traders hiked the prices of soybean oil by Tk 55 per litre in three phases from February to June.
Mohammad Mostofa Haider, director at refiner TK Group, could not be reached for comment by telephone. He is also president of the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, the union of cooking oil importers and refiners.
Nurul Islam Molla, the secretary of the union, said he was not informed about the new prices.