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Amid ongoing volatility in the essential commodities market, traders are pressing the government to raise edible oil prices, citing higher global rates and increased transportation costs.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has proposed a Tk 10 per litre increase in soybean oil prices. The association submitted a letter to the Ministry of Commerce seeking approval to implement the hike from July 11.
A meeting between ministry officials and business representatives was held on the same day, but no decision was reached. Authorities said the issue would be reviewed further in a subsequent meeting.
However, indications suggest that a price adjustment may be imminent, as the ministry has begun analysing global market trends to determine a reasonable rate in line with international prices.
Earlier, on April 29, the ministry approved a Tk 4 per litre increase in soybean oil prices. Following the adjustment, the price of bottled soybean oil rose from Tk 195 to Tk 199 per litre, while a five-litre bottle increased from Tk 955 to Tk 975.
The price of loose soybean oil also rose from Tk 176 to Tk 180 per litre, while loose palm oil remained unchanged at Tk 166 per litre at the time.
Under the latest proposal, traders are also seeking a Tk 17 per litre increase in palm oil prices.
