The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has reduced the prices of soybean oil by Tk 14 per litre.
The new price will take effect on Tuesday, according to a letter from the association sent to the secretary of commerce on Monday.
The price of a 1 litre bottle of soybean oil was cut from Tk 192 to Tk 178. The price of unbottled soybean oil was cut from Tk 172 to Tk 158 per litre. The price of a 5-litre bottle has been set at Tk 880.
According to the letter, cooking oil manufacturers recently met with Salman F Rahman, the private industry and investment advisor to the prime minister, and Tofazzel Hossain Miah, the prime minister’s senior secretary, to discuss the jump in the price of the dollar, the difficulty of opening a line of credit and consumer welfare.
Following the meeting, the decision was taken to cut the price of soybean oil.