The price of soybean oil has been increased by Tk4 per litre.
With the latest development, bottled soybean oil will be sold at Tk167 per litre while the price of 5-litre bottled soybean oil has been increased from Tk800 to Tk818. The newly-fixed prices will be effective from today.
State Minister for Commerce Ahsanul Islam Titu announced the price of soybean oil at the secretariat on Thursday.
However, the price of unpackaged soybean oil has been reduced by Tk2 to Tk147 per litre.
The price of palm oil per litre bottle has been set at Tk135. The price of this oil (palm oil) was not fixed until now.
Earlier on Monday, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association sent a proposal to the Commerce Ministry requesting that the price of bottled soybeans be increased by Tk10 to Tk173. The Commerce Ministry took the decision at a meeting with the Tariff Commission and oil traders.
Since 1 March, one litre of bottled soybean oil has been selling for Tk163, five-litre at Tk800, and unpackaged soybean oil at Tk149 per litre.
The National Board of Revenue (NBR) reduced the import duty on edible oil, sugar, rice, and dates last February on the request of the Ministry of Commerce ahead of the fasting month of Ramadan.
After the exemption's validity expired on 15 April, the price of soybean oil has increased.