The government has decided to raise the prices of soybean and palm oil following proposals from traders. However, the exact rate of the hike has not yet been finalized.
The decision came during a meeting held on Monday at the Secretariat, chaired by Commerce Adviser Sheikh Bashir Uddin. After the meeting, Commerce Secretary Mahbubur Rahman told reporters that the traders’ proposed hike is much higher than international market trends. He added that the proposal is under review and a final decision on the new prices will be taken in a follow-up meeting with traders.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has proposed an increase of Tk 10 per liter for both soybean and palm oil, citing rising global prices, where soybean oil has reached up to USD 1,200 per ton.
It may be recalled that on April 13, the government fixed soybean oil at Tk 189 per liter and palm oil at Tk 169 per liter. Meanwhile, the Bangladesh Trade and Tariff Commission is working to determine a rational price adjustment.