Soybean oil price hiked by Tk 4 per litre

The decision was announced by Commerce Minister Khandaker Abdur Muktadir following a meeting with edible oil traders at the ministry's conference room.

Under the revised pricing, bottled soybean oil will now retail at Tk 199 per litre, up from Tk 195, while loose soybean oil has been fixed at Tk 180 per litre against the previous rate of Tk 176.

The price of five-litre bottled soybean oil has been adjusted to Tk 975 from Tk 955. Palm oil prices remain unchanged.

Justifying the upward revision, the minister said traders had been purchasing oil at elevated prices since Ramadan and selling at a loss, prompting persistent appeals from importers and refiners for a price correction.

“The prices of import-dependent commodities have risen due to adverse global condition, placing significant strain on businesses,” Muktadir said. “Traders had sought a steeper increase, but the government has kept prices within consumers' reach.”

The minister assured consumers that prices would be reviewed and readjusted once the international soybean oil market stabilises.

Traders pledged to sell at the newly fixed rates and committed to making no further revision requests ahead of Eid-ul-Azha, he added.

The price adjustment comes amid a prolonged supply crunch lasting over a month, particularly for five-litre bottled soybean oil.

Market surveys indicate the product has already been changing hands at Tk 980 to over Tk 1,020, well above the official ceiling of Tk 955 underscoring the gap between regulated and street-level prices that the revised rates now seek to narrow, reports UNB.