Soybean Oil Price Soars by Tk 14 Per Litre

The price of soybean oil has surged by Tk 14 per litre, with a one-litre bottle now retailing at Tk 189, up from Tk 175, according to a fresh announcement from the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORVMA) on Sunday. The new rates have taken immediate effect.

Alongside bottled oil, the price of a five-litre soybean oil container has risen sharply to Tk 922 from Tk 852, while loose soybean and palm oil now cost Tk 169 per litre, up from Tk 157.

This is the first price adjustment since 9 December last year, when bottled soybean oil was set at Tk 175 per litre.

The latest hike follows the government’s decision not to extend the reduced import duties on edible oil, which had been introduced ahead of Ramadan to stabilise prices and expired on 31 March.

Refiners had earlier lobbied for a price increase ahead of Eid, proposing an increase of Tk 18 per litre for bottled oil and Tk 13 for loose oil, anticipating the impact of the expired tax benefits. These proposals were formally submitted to the commerce ministry and the Bangladesh Trade and Tariff Commission.

Despite a series of meetings held last week involving the government, refiners, and regulators, no consensus was reached on extending the tax relief.

Meanwhile, the Tariff Commission recommended extending the reduced import duties until 30 June and formally requested the National Board of Revenue (NBR) to act. However, the NBR has yet to make a final decision, paving the way for the refiners to go ahead with the price hike.