Edible Oil Prices Set to Rise Amid Global Price Surge

Representational image.

The government has approved an increase in edible oil prices in Bangladesh, citing rising international rates, officials said on Monday.

The decision was taken during a meeting between Commerce Adviser Sk Bashir Uddin and traders at the Secretariat.

Both loose and bottled soybean and palm oils are affected, with traders expected to announce the exact price adjustments soon.

Traders had urged a revision, pointing to an 18–20 percent surge in global soybean and palm oil prices. The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association reported that the international price of soybean oil has reached USD 1,200 per tonne.

This move follows a previous adjustment in August when palm oil prices were reduced by Tk 19 to Tk 150 per litre, while soybean oil remained at Tk 189 per litre. In April, the government had set the retail prices at Tk 189 per litre for soybean oil and Tk 169 per litre for palm oil.