Thursday, 1 December, 2022

Refiners want Tk 15 hike in soybean oil price

Soybean oil price may go up as Bangladesh Tariff Commission (BTC) is considering proposal for hiking edible oil price due to higher production costs.

Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association (BVORBMA), the association of owners of edible oil refining and marketing companies, has submitted a proposal to raise soybean oil price by Tk 15 per litre, reports UNB.

 The oil refiners argued that traders will count losses due to higher production costs and price hikes in the global market if soybean oil price is not adjusted.

The refiners submitted a letter last Tuesday to Commerce Secretary Tapan Kanti Ghosh, urging the government to readjust the prices by Sunday. The refiners made the proposal a month after lowering soybean oil price by Tk 14 a litre.

Chief Executive of BVORBMA, Nurul Islam Molla, told UNB, the situation was described to the commerce secretary.