Traders seek Tk 14 hike per litre in soybean oil price ahead of Ramadan

Ahead of the holy month of Ramadan, bottled soybean oil traders have proposed increasing prices by Tk 14 per liter, citing rising edible oil prices and escalating freight costs in the international market.

Simultaneously, date importers have demanded a reduction in existing import duties and taxes to keep the essential item affordable during the fasting month.

The proposals were placed during a high-level meeting on Monday chaired by Commerce Minister Khandaker Abdul Muktadir to review Ramadan-centric commodity imports, supply chain issues, and market trends.

However, the Ministry of Commerce has not yet taken any decision regarding the increase in soybean oil prices.

Commerce Minister Khandakar Abdul Muktadir on Wednesday said the government has no immediate plan to raise edible oil prices, expressing hope that the market will remain stable around and during Ramadan.

The government is working to ensure adequate supplies of import-dependent essential commodities, he said while talking to reporters at the Secretariat.

Muktadir said the government has assessed supply conditions for such goods in consultation with importers, taking into account the upcoming Ramadan.

Adequate supplies of edible oil, chickpeas, lentils and sugar are in the import pipeline, which he said will be sufficient to keep the market stable.

Asked about a proposal to increase edible oil prices and the possibility of a hike before Ramadan, the minister said, “No, there is no such plan at the moment.”

He said prices of oil imported from Brazil, Indonesia and Malaysia depend on prices in the countries of origin and transportation costs. “Any increase in either could push up import prices, while a decline could bring prices down.”

Earlier on September 2, bottled soybean oil prices were raised by Tk 5 to Tk 204 per liter following recommendations by the Bangladesh Trade and Tariff Commission.