Soybean and Palm Oil Prices Increased Again in Bangladesh

The price of soybean oil in Bangladesh has been raised by Tk 6 per litre, with bottled soybean oil now set to retail at Tk 195 — up from the previous Tk 189. The new rates will take effect from tomorrow (Tuesday).

According to a press release issued on Monday evening by the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, the adjustment has been made in consultation with the Ministry of Commerce, aligning domestic prices with global market trends.

Under the new pricing structure, loose soybean oil will now cost Tk 177 per litre, an increase of Tk 8 from the earlier rate of Tk 169. The price of a five-litre bottled pack has also been revised to Tk 945, which is Tk 25 higher than before.

In addition, the price of loose palm oil has gone up by Tk 13, bringing it to Tk 163 per litre, up from Tk 150.

A senior official at the Commerce Ministry told the media that a meeting was held earlier today with edible oil traders at the Secretariat, where the new prices were discussed. However, the official noted that the ministry had not yet given formal approval when the price hike was announced by the refiners.

In contrast, an executive from one of the refining companies claimed that the Commerce Ministry had already approved the revised prices, prompting the announcement.

This is the first price increase since April, when the price of bottled soybean oil was raised by Tk 14 per litre, reaching Tk 189. At that time, the price of loose soybean and palm oil had been increased by Tk 12 per litre, while the five-litre bottle price had gone up by Tk 70 to Tk 920.

In mid-August, traders had reduced the loose palm oil price by Tk 19 per litre to Tk 150. Later, they proposed a Tk 10 rise in soybean oil per litre, but the Commerce Ministry only allowed a Tk 1 increase, leading to tensions between the two sides.

Following further discussions on September 22, the government agreed in principle to adjust the prices of soybean and palm oil, but no specific figure was announced until now.