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Soybean oil price increased

Soybean oil price increased

Bangladesh's edible oil refiners on Thursday (May 5) increased the price of bottled soya bean oil by Tk 38 a litre to Tk 198 a litre. Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association in a press release made the announcement.

It also said that the price of loose or unpackaged soya bean oil has increased by Tk 44 a litre to Tk 180 a litre being effective from Thursday.

When contacted, Commerce Ministry Senior Secretary Tapan Kanti Ghosh said that it became necessary to revise upward the price of soybean oil considering the price hike in the global market, local media reported.

He also informed that the Ministry is likely to sit with the concerned stakeholders next month in this regard.

The prices of edible oils increased more in the international market after its last revision in Mar 20 for the local market.

According to the edible oil refiner’s release, the price of a five-litre bottled soya bean oil increased to Tk 985 from Tk 760.

The refiners also increased the price of palm oil to Tk 172 a litre from Tk 130 a litre.

Earlier, on Mar 20 this year, the prices of bottled edible soybean oil were reduced once on Mar 20 when the bottled oil price was cut by Tk 8 to Tk 160 a litre and the loose oil by Tk 7 to Tk 136.