Bangladesh traders raise soybean oil prices by Tk 7

Traders have decided to hike the price of cooking oil once more in the space of one and a half months after discussing the matter with the commerce ministry.

In a statement on Tuesday, Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers Association said the price of unbottled soybean oil has been set at Tk 136 per litre, and bottled products at Tk 160 -- a Tk 7 hike per litre.

For a 5-litre bottle, a customer will have to pay Tk 760 as the revised prices will be effective on new supplies from now.

Traders proposed a hike in edible oil prices to the commerce ministry in September. The price of soybean oil price was unchanged, with a 5-litre bottle costing Tk 728 at the time. But the price of palm oil was raised to Tk 116 per litre from Tk 112. Now, the price of palm oil has been set at Tk 118 a litre.  

The association leaders met the ministry officials again on Sunday, requesting another hike as the retailers were selling soybean oil at higher prices than those fixed last month, citing a rise in prices in the international market.

Retailers in Dhaka were charging customers Tk 156 to Tk 158 for 1 litre of bottled soybean oil this week, while the price of unbottled oil was Tk 142 to Tk 144.