Refiners propose to hike soybean oil prices

News Desk :
A month after lowering soybean oil prices by Tk 14 a litre, refiners have proposed a Tk 15 hike, citing a rise in international prices and production costs.
Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has sent a letter dated Tuesday to Commerce Secretary Tapan Kanti Ghosh, urging the government to readjust the prices by Sunday, reports bdnews24.com
After a meeting with Salman F Rahman, the prime minister’s adviser for private industry and investment in early October, the association lowered the prices by Tk 14 a litre. The price of 1-litre loose soybean was fixed at Tk 158, a 1-litre bottle  
at Tk 178 and a 5-litre bottle at Tk 880. Now the association is seeking a hike as a shortage of gas and power raised production costs, the association’s Chief Executive Nurul Islam Molla said on Friday.
If the proposal is accepted, the price of loose soybean per litre will be Tk 173, while bottled soybean will retail at Tk 193 a litre and a 5-litre bottle at Tk 955.
“We’ve talked to the secretary about our problems. He said they would take a decision after reviewing the proposal.”
Secretary Tapan Ghosh did not respond to phone calls for comment.
A commerce ministry official said Bangladesh Trade and Tariff Commission was asked to review the proposal.