Refiners claim that selling oil at the current rate incurs a loss of about Tk17 per litre. The letter submitted to the Ministry of Commerce also mentioned that the price of soybean oil per tonne in the international market has risen from $1,270 to $1,325.
Economy
Proposal to raise soybean oil prices again
On September 20, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association proposed adjusting prices. According to them, if prices are not adjusted, interest in imports may decrease and the supply crisis may become more severe during Ramadan when demand increases.
Meanwhile, complaints have been received that the supply of bottled soybean oil has decreased in various markets across the country. Buyers said that two- and five-litre bottles are not available in some places.
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However, the government is not deciding to increase prices right now. Commerce Minister Khandaker Abdul Muktadir said the proposal will be scrutinized and, after necessary examinations, a decision will be made on adjusting prices.
Most recently, on September 2, the price of bottled soybean oil was increased by Tk5 per litre and fixed at Tk204. The price of loose soybean oil was fixed at Tk185 and the price of a five-litre bottle at Tk975. However, according to the Ministry of Commerce, on September 30, the price of crude soybean oil in the international market was about $1,200 per tonne, lower than $1,223 the previous week.