Staff Reporter:
Traders have cut edible oil prices following objections from the commerce ministry, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association said in a notice on Sunday.
The association said the revised rates were aligned with international market trends and set after discussions with the ministry.
Effective from today, bottled soybean oil will retail at Tk195 per litre, down from Tk199, while a 5-litre bottle will cost Tk955 instead of Tk985. Loose soybean oil will now sell at Tk176 per litre, reduced from Tk179, and palm oil has been cut to Tk166 from Tk169.
Earlier, on 10 November, refiners sought approval from the Bangladesh Trade and Tariff Commission for a price hike due to rising global market rates and implemented the increase from 24 November without the commerce ministry’s consent.
The move prompted warnings from Commerce Adviser Sheikh Bashir Uddin and a meeting between ministry officials and traders on 4 December. Following the discussions, companies rolled back part of the price hike. Even after the revision, bottled soybean oil remains Tk6 per litre higher and loose soybean oil Tk7 per litre higher than the last rate officially approved by the ministry.
