Edible oil prices rise by Tk4 per liter

The Commerce Minister stated that due to adverse global conditions, prices of various commodities have risen in the international market.

For products that Bangladesh depends on imports, any increase in prices at the source directly impacts import costs. Since soybean oil is entirely import-dependent, the rise in global prices has also affected the domestic market.

In the local market, the price of bottled soybean oil has been increased by 4 taka per liter, setting the new price at 199 taka (previously 195 taka). A 5-liter bottle will now cost 975 taka. At the same time, loose soybean oil has been fixed at 180 taka per liter.

However, the price of palm oil remains unchanged.
These remarks were made on Wednesday by Commerce Minister Khandaker Abdul Muktadir after a meeting at the Ministry of Commerce conference room to review edible oil prices. Senior ministry officials, as well as representatives from refiners and importers in the edible oil industry, were present at the meeting.

The minister reiterated that due to global challenges, international prices have increased. Since Bangladesh relies on imports for certain goods, higher prices at the source directly raise import costs. As soybean oil is fully import-dependent, its rising global price has impacted the domestic market.

He added that international soybean oil prices began increasing during the month of Ramadan. Since then, importers and refiners have been requesting the government to adjust prices. They argued that without adjustment, they would face continuous losses and potential capital shortages.

The government reviewed the matter multiple times, and the minister noted that considering international prices, import costs, and associated expenses, the price increase was justified.

However, the full increase proposed by businesses was not accepted. Instead, a limited adjustment was made to protect consumer interests.

He expressed hope that consumers would view the decision positively given the global situation. At the same time, this adjustment is expected to reduce pressure on importers and refiners while helping maintain a stable supply in the market.