The Bangladesh Trade and Tariff Commission has once again recommended an increase in edible oil prices, proposing a rise of Tk 9.27 per liter for bottled soybean oil. The recommendation comes in response to the recent increase in average LC prices, in-bond and ex-bond costs, and the exchange rate of the US dollar. The move could lead to another round of price hikes in the local market towards the end of the year.
In a statement issued on Monday, November 10, the Trade and Tariff Commission said that during the price adjustment meeting on July 27, it was decided that bottled soybean oil would be sold at Tk 189 per liter starting from August 3. However, irregularities in the global market and the rising value of the dollar have since affected import costs. As of early November, the international market price per ton of soybean oil stood at USD 1,062, while palm oil was priced at USD 1,037.
As a result, the commission has recommended revising domestic edible oil prices. It proposed recalculating the price of refined soybean and palm super oil based on an exchange rate of Tk 122.60 per US dollar. Under this recommendation, the maximum retail price of bottled soybean oil would increase from Tk 189 to Tk 198.27 per liter, while loose soybean oil would rise by Tk 8.85 to Tk 177.85 per liter.
According to data from the Trading Corporation of Bangladesh (TCB), the retail price of bottled soybean oil has increased by about 14 percent over the past year.
