• Financial

This time the price of soybean oil increased by 7 taka per liter

  • Financial
  • 20 October, 2021 10:37:50

Photo: Collected

News Desk: Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association has again increased the price of open and bottled soybean oil by Tk 6 per liter.

According to the new price, bottled soybean oil has become Rs 160 per liter, up from Rs 153 earlier. And the price of open soybean oil has been 138 rupees, which was 129 rupees before. The new price will be effective from Wednesday (October 20).

This information was given in a press release of Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association on Tuesday (October 19).

Secretary of the organization. According to a press release signed by Nurul Islam Mollah, the new prices have been fixed in consultation with the Bangladesh Trade and Tariff Commission and the Ministry of Commerce considering the rising trend in the prices of crude soybean oil and palm oil in the international market.

Soybean oil at the new price is Rs 134 per liter at the millgate, Rs 135 at the distributor price and Rs 138 at the retail level. Bottled soybean oil will be sold at Rs 150 per liter at the millgate, Rs 154 at the distributor price and Rs 180 at the retail level. 5 liter bottled soybean oil at Millgate is Rs 720, distributor price is Rs 740 and retail price is Rs 60. The price of palm oil has been fixed at Tk 118 per liter at Millgate, Tk 118 at distributor and Tk 118 at retail. However, this price will not be applicable to the old stored oil at the distributor and retail level.

Earlier on Sunday, a meeting chaired by AHM Safiquzzaman, Additional Secretary, Import and Internal Trade (IIT) Division, Ministry of Commerce, proposed a hike in oil prices at a meeting on stockpiling of daily commodities, imports and pricing.

After the meeting, Additional Secretary of the Ministry of Commerce Safiquzzaman said, "We fixed the price of bottled soybean oil at Tk 153." Prices were rising in the international market, so they applied for a price increase within 8/10 days.

According to the law of 2011, every 15 days the Tariff Commission will make an analysis and make a recommendation. We determine the price in consultation with the Ministry of Commerce and refineries. The Refinery Association later declared it on their official pad.

Highlighting the meeting's decision on oil pricing, Safiquzzaman said the Bangladesh Vegetable Oil Refiner and Vegetable Manufacturers Association had proposed to increase the price of bottled oil to Tk 18 per kg. The Tariff Commission has analyzed more than once and proposed 162 rupees. That was the average report in September. Today (Sunday) in a long discussion, the price of bottled oil has been fixed at Tk 180 per kg, which was earlier Tk 153.

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