File Photo
Just a month after reducing palm oil prices, local refiners have proposed raising edible oil prices by Tk 10 per litre after verifying LC, inbound, and ex-bond information. They suggested increasing the maximum retail price (MRP) of bottled oil to Tk 199 per litre from Tk 189. The MRP of a five-litre soybean oil jar is proposed to rise to Tk 972 from Tk 920, while one litre of loose soybean oil may be set at Tk 179 from Tk 169. The price of palm oil has been proposed to increase to Tk 160 from Tk 150 per litre.
The Bangladesh Vegetable Oil Refiners' and Vanaspati Manufacturers' Association recently requested the commerce ministry to adjust soybean and palm oil prices, citing rising costs.
The association had submitted a similar proposal 15 days ago. "After analysing global crude soybean and palm oil prices, it is necessary to adjust domestic prices to ensure a normal supply of this key commodity," the association said.
Soybean and palm oil prices were last fixed on April 15 by the government in consultation with local refiners' associations. At that time, the MRP of bottled soybean oil was set at Tk 189 per litre, and non-bottled palm oil at Tk 169 per litre.
Bangladesh's annual demand for edible oils is 2.4-2.5 million tonnes, with over 95 per cent met through imports. In FY24, the country imported around 2.3 million tonnes of non-refined edible oils, according to the commerce ministry.
On August 12, the government reduced palm oil prices by Tk 19 per litre to Tk 150, while bottled soybean oil prices remained unchanged at Tk 189.
The cut was based on recommendations from the state-run Bangladesh Trade and Tariff Commission, as global palm oil prices had stabilised. Commerce ministry sources said palm oil accounts for around 60 per cent of the country's edible oil market.
A senior official of the commerce ministry said, "We have received a request from the edible oil refiners and are working on the issue, but no decision has been taken yet."
Source: Online/OFA
Comment Now