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Edible oil price soars to Tk 160 a litre

  • Staff Correspondent
  • 20 October, 2021 12:00 AM
  • Print news

Edible oil price is rising further from Wednesday as refiners increased the price on Tuesday by Tk 7 per litre, citing global price spike.

With this, the price of bottled soybean oil has soared to Tk 160 per litre from Tk 153 per litre, said Additional Commerce Secretary AHM Shafiquzzaman on Tuesday.

He said the refiners proposed Tk 168 per litre, which was later lowered to Tk 160 after an elaborate discussion. Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORVMA) also issued a press statement on the price hike on Tuesday. 

The retail price of loose soybean oil has been fixed at Tk 136 per litre from Tk 129 per litre. Super palm oil price is going up to Tk 118 per litre.

They also increased the prices of five-litre jars of soybean oil to Tk 760. The new rates will be effective from today. The country has a demand for 20 lakh tonnes of edible oil per year, and about 95 per cent of the demand is met through imports, the commerce ministry says.

A commerce ministry meeting on Sunday discussed the current stock, import and prices of edible oil and sugar. At the meeting, top officials of edible oil refining companies were present.

At the meeting, edible oil refiners proposed to increase the prices of bottled soybean oil to Tk 168 per litre. After verifying the proposal, the tariff commission recommended the prices at Tk 162 per litre.