Poster in Aug 09, 2022 03:23:21

Soybean oil price proposed to increase by Tk 20 per litre

Soybean oil price proposed to increase by Tk 20 per litre

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Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association has proposed to increase the price of bottled edible oil by Tk 20 per liter to adjust the price of dollar. Recently a letter regarding this has been sent to Bangladesh Trade and Tariff Commission (BTTC).

In the letter, the price of soybean oil has been increased by Tk 20 per liter from Tk 185 to Tk 205. Besides, open soybean oil has been proposed to be increased from Tk 166 to Tk 180 and a five liter bottle to Tk 960 from Tk 910.

In this regard, Deputy Chief of Bangladesh Trade and Tariff Commissioner Md. Mahmudul Hasan said, Refiners Association has proposed to us to increase the price of oil. They do this regularly every month. Their application will come to me through the process, after which we will review it. They can also talk about raising Tk 100 in the introduction. But after review we will decide.


Bottled soybean oil was sold at a maximum of Tk 205 per liter this year, which was recently reduced by Tk 20 by oil companies. The price was reduced by Tk 14 per liter last on July 21. However, the Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association now says that the import price of edible oil has increased due to the huge increase in the price of the US dollar against the Taka. Due to this price adjustment has been proposed.

As per rules, companies make proposals to the Tariff Commission to increase the price of edible oil. Then the commission reviews it. The price of oil is determined accordingly. In the country, Meghna Group, City Group, TK Group, S Alam Group, Bashundhara Group, Bangladesh Edible Oil Limited, among others, import crude edible oil and release it in the market after refining it. Some import soybean seeds to produce oil.

According to the data of the Tariff Commission, the country has an annual demand of about 2 million tonnes of edible oil. Of this, about 18 lakh tonnes are imported.

|Source: Online/SZK

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