Soybean Oil Prices Are Rising Again

ফাইল ছবি

News Desk: As the year draws to a close, edible oil prices are set to rise again. The Bangladesh Trade and Tariff Commission (BTTC) has recommended an increase of Tk 9.27 per liter for soybean oil.

In a statement on Monday (November 10), BTTC said the recommendation to raise edible oil prices was made due to increases in average LC (Letter of Credit) prices, inbound and outbound costs, and the exchange rate of the US dollar.

According to the commission, during the oil price adjustment meeting held on July 27, permission was granted to sell bottled soybean oil at Tk 189 per liter from August 3. However, subsequent fluctuations in the international market and rising dollar rates increased import costs.

At the beginning of November, international prices stood at USD 1,062 per ton for soybean oil and USD 1,037 per ton for palm oil, creating the need for a new domestic price adjustment.

Based on BTTC’s proposal, calculations were made assuming an exchange rate of Tk 122.60 per dollar. As a result, the recommended maximum retail price of bottled soybean oil has been raised from Tk 189 to Tk 198.27 per liter. Similarly, the price of loose soybean oil is proposed to increase by Tk 8.85, reaching Tk 177.85 per liter.

According to the Trading Corporation of Bangladesh (TCB), the price of bottled soybean oil in the country has risen by nearly 14% over the past year.