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Now soyabean oil to cost Tk 160 a litre

Published : Wednesday, 20 October, 2021 at 12:00 AM  Count : 785

The maximum retail price of bottled soyabean oil has been raised by Tk 7 and now the cooking oil costs Tk 160 per litre. The MRP of loose soyabean oil has also been hiked to Tk 136 from Tk 129.
The decision was taken in a meeting held on Sunday last with the stakeholders at the Commerce Ministry with its Additional Secretary AHM Shafiquzzaman in the chair. The new price rates will come into effect from Wednesday.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers
Association announced the price increase in a press release issued on Tuesday.
According to the new rates, price of one litre bottled soyabean oil has increased from Tk 153 to Tk 160, loose soyabean from Tk 129 to Tk 136 and 5 litres bottled soybean from Tk 728 to Tk 760.
Besides, palm oil prices have been fixed at Tk 118 per litre. Earlier on October 15, bottled soybean oil prices were hiked by Tk 4. However, traders at the time said that the rates had been adjusted with the Tk 4 fall before Eid-ul-Fitr.
On May 27, oil prices were increased by Tk 9 per litre.
The price of each one-litre bottle of soybean oil will be Tk 160, up from the current rate of Tk 153, said Shafiquzzaman.
The price of edible oil has been increased mainly because of the price hike of crude soyabean and palm oil in the international markets. Shafiquzzaman said the refiners proposed for fixing the price at Tk 168 per litre, but it was fixed at Tk 160 after a lot of discussion.
In the release, the edible oil refiners' association said the new price has been fixed after discussing with Bangladesh Trade and Tariff Commission, and Commerce Ministry as prices of crude soyabean, and crude palm oil are on the rise in international market.
The recent hike is the second in five months. On May 27, prices of the essential commodity were increased by Tk 9 per litre. Over 95 per cent of the local demand for cooking oil in Bangladesh is met through imports.
The country imports 2.2 to 2.6 million tonnes of edible oil each year, including 0.7 to 0.8 million tonnes of soyabean oil and 1.4 to 1.6 million tonnes of palm oil.    











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