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Sources said that despite the downward trend in global prices in recent weeks, local refiners had twice this month pressed the government to increase edible oil prices. The decision was taken after the government raised the price of bottled soybean oil by Tk 8.0 per liter to Tk 175 on December 9 last year amid a sudden crisis.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORVMA) on January 6 and 15 proposed raising prices, arguing this is necessary to ensure a stable supply of the essential item during the upcoming Ramadan.
The association's Executive Officer Md Nurul Islam Mollah said they had requested the commerce ministry to adjust soybean and palm oil prices after analyzing the current stock and crude oil import costs. There is no progress so far, he said.
The Bangladesh Trade and Tariff Commission in a report sent to the commerce ministry on January 9 said the prices of crude soybean oil and palm oil were $970.26 per tonne and $1,127.50 per tonne, respectively, until January 5.
The BVORVMA in a meeting with the commerce ministry in December last year said crude soybean oil prices in the international market had shot up to $1,200 per tonne that month from $1,000-1,050 per tonne in April.
The tariff commission report focused on the possibility of price reductions in Ramadan due to the declining trend in global market prices as well as the cut in duties and taxes on edible oil imports.
When local oil prices were increased in December 2024, the maximum retail prices of non-bottled soybean oil and palm oil were fixed at Tk 157 per liter each. The price of five liters of bottled soybean oil was set at Tk 852.
Commerce Adviser Sk Bashir Uddin announced the price hikes at a press briefing, saying edible oil prices had gone up by 20 percent in the global market. Before the December 2024 price hike, refiners increased soybean oil prices by Tk 4.0 to Tk 167 a lire on April 18 that year with the commerce ministry's nod. See more.
Source: Online/OFA
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