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The government has decided to adjust the price of bottled soybean oil, raising it by Tk 5 per litre to Tk 204, Commerce Secretary Ataur Rahman Khan said.
He announced the decision at an emergency press conference at the Ministry of Commerce on Wednesday (September 2). Bottled soybean oil was previously sold at Tk 199 per litre.
Under the new decision, the price of bottled soybean oil has been increased by Tk 5 per litre. However, the prices of loose soybean oil and palm oil will remain unchanged.
“The government has adjusted the price of soybean oil. The price of bottled soybean oil has been raised from Tk 199 to Tk 204 per litre. However, the prices of loose soybean oil and palm oil will remain unchanged,” the commerce secretary said.
He said edible oil prices have increased in the international market, while transportation costs have also risen. Importers had cited these factors in seeking a price increase. Traders had demanded a larger hike, while the Bangladesh Trade and Tariff Commission had recommended a Tk 10-per-litre increase.
The commerce secretary said there is currently no shortage of edible oil in the market and that the government made the decision after assessing the overall situation.
Asked whether edible oil prices would be raised again before Ramadan, he said it would depend on the market situation at that time.
Asked whether the latest oil price hike, along with the recent increase in sugar prices and approval of a new pay structure, could fuel inflation, Ataur Rahman said there was some risk of an impact. However, he said the government was taking various measures to keep inflation under control.