The Bangladesh Trade and Tariff Commission (BTTC) has once again recommended increasing the price of soybean oil in the local market. The commission has proposed a price hike of Tk 9.27 per liter of soybean oil. The recommendation was made due to an increase in average LC prices, in-bond and ex-bond duties, and a rise in the dollar exchange rate.
According to a notification issued on Monday (November 10), the BTTC stated that during the price adjustment meeting held on July 27, the retail price of soybean oil was fixed at Tk 189 per liter, effective from August 3. However, recent fluctuations in the international market and the rising dollar rate have significantly impacted LC costs.
At the beginning of November, the international market price of soybean oil stood at USD 1,062 per ton, while palm oil was priced at USD 1,037 per ton. In light of this, the commission has suggested adjusting domestic prices accordingly.
The proposal recommends fixing the price of refined soybean and palm super oil based on a dollar exchange rate of Tk 122.60. Under this adjustment, the retail price of bottled soybean oil would rise from Tk 189 to Tk 198.27 per liter, and the price of loose soybean oil would increase from Tk 169 to Tk 177.85 per liter.
According to data from the Trading Corporation of Bangladesh (TCB), the price of 1 liter of bottled soybean oil in the domestic market has increased by 14 percent over the past year. As a result, edible oil prices are expected to rise again toward the end of the year.