Bottled soybean oil price cut by Tk14 per litre

Staff Reporter :
The price of bottled soybean oil has been reduced by Tk14 per litre to Tk178 effective from Tuesday (4 October).
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORVMA) took the decision of Monday (3 October) at a meeting with the Prime Minister’s Private Sector and Investment Advisor Salman F Rahman and PMO Senior Secretary Tofazzal Hossain Mia.
The BVORVMA in a letter to the commerce ministry senior secretary Tapan Kanti Ghosh said that they, considering the interest of consumers, had decided to reduce the price of soyabean oil by Tk 14 a litre.
With the new rate, a five-litre bottle of soybean oil will cost Tk880, according to a notice issued by the association. Besides, the price of loose soybean oil has been reduced to Tk158 per litre. The meeting also discussed the devaluation of taka and complication in settling letter of credit (LC).
Earlier, the commerce ministry and edible oil refiners on September 22 reduced the prices of palm oil to Tk 133 a litre from Tk 145 a litre as the prices of the item decreased on the international market.
Before that on 23 August, the government hiked the price of bottled soybean oil by Tk7 per litre to Tk192 and Tk9 for loose packs setting at Tk175.
According to Bangladesh Bank (BB) information, in FY 2021-2022, about 5.15 lakh ton crude soybean oil was imported in the country which was 75 thousand ton less comparing with FY 2021-2020.
At the same time, about 13.31 lakh ton soybean seeds have been imported in the country which was 2.37 lakh ton more comparing previous fiscal year.
Besides, in FY 2021-2022 about 15 thousand tones refined soybean has been imported in the country while previous no soybean imported in the country.