BANGLADESH

Soybean oil price goes up by Tk 7 per liter

The price of soybean oil has been increased again for the increase in prices in the world market.

The price of edible oil in the country has been increased by Tk 7 per liter in the local market effective from Today, Wednesday (October 20) .

The Bangladesh Edible Oil Refining and Vegetable Growers Association informed the Commerce Ministry on Tuesday (October 19).

From now on, bottled soybean oil will be sold at Tk 160 in retail and the previous price was Tk 153. And the price of loose soybean oil is Tk 136, which was Tk 129 before.

The organization has fixed the price of crude soybean and crude palm oil in the international market in consultation with the Bangladesh Trade and Tariff Commission and the Ministry of Commerce.

In addition, a five-liter bottle of oil will be available at Tk 760, which was Tk 726 for so long.

Apart from this, buyers will be able to buy open soybean oil at Tk 136 per liter and bottled palm super oil at Tk 118.

However, this price will not apply to old stockpiled oil at the distributor and retail level.

A meeting chaired by AHM Safiquzzaman, Additional Secretary, Import and Internal Trade (IIT) Division, Ministry of Commerce, on Sunday proposed raising oil prices at a meeting on stockpiling of daily commodities, imports and pricing.

After the meeting, Additional Secretary of the Ministry of Commerce Safiquzzaman said, “We have fixed the price of bottled soybean oil at Tk 153. Prices were rising in the international market, so they applied for a price increase within 8/10 days. According to the law of 2011, every 15 days the Tariff Commission will make an analysis and make a recommendation. We determine the price in consultation with the Ministry of Commerce, refineries. The Refinery Association later declared it on their official pads.”

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