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Soybean oil price hiked by Tk 7 per litre

  • Staff Correspondent
  • 24 August, 2022 12:00 AM
  • Print news

The price of bottle soybean oil has soared by Tk 7 per litre and loose soybean oil price shot up by Tk 5 per litre.

Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association issued a press release announcing the price hike on Tuesday.

Bottled soybean oil price has increased to Tk 192 from Tk 185 per litre and loose soybean oil price rose to Tk 175 from Tk 166 per litre. Prices of a five-litre bottle have jumped to Tk 945 from Tk 910.

Meanwhile, the price of palm oil dropped to Tk 145 from Tk152 a litre,

The new price will be implemented from Tuesday, the mill owners’ association said.

The price hike has been decided after meetings with the Bangladesh Tariff Commission and the Ministry of Commerce on August 17, the press release said.

On 3 August, Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association proposed to increase the price of soybean

oil by Tk 20 per litre. The proposal came just weeks after the government reduced the prices Tk 14 a litre at the retail level on July 17, following a price drop in the international market.

According to Bangladesh Bank data, in the fiscal year 2021-22, about 5.15 lakh tonnes of crude soybean oil were imported into the country -- about 75,000 tonnes more than the previous year.

However, during the same period, the import of soybean seeds was 13.31 lakh tonnes, about 2.37 lakh tonnes more than the previous year. The import of refined soybean oil in the fiscal year 2021-22 was a little over 15,000 tonnes.