The government has raised the price of bottled soybean oil by 5 taka per liter. The price of each liter of soybean oil has been set at 204 taka, up from the previous 199 taka, Commerce Secretary Md Ataur Rahman Khan said.
He announced the information at a press briefing in his office at the Ministry of Commerce in the Secretariat on Wednesday afternoon.
The secretary said the price adjustment was made due to rising international transport costs and the geopolitical situation in the Middle East.
He said the price adjustment applies for now only to bottled soybean oil. No decision has been made to change prices for palm oil or any other edible oil.
The commerce secretary said the Edible Oil Traders Association had been in talks with the government for some time seeking a price increase. Taking into account the traders’ demand and the international market situation, the Bangladesh Trade and Tariff Commission compiled an assessment using data from Bangladesh Bank, the National Board of Revenue (NBR) and other sources.
He said the tariff commission’s assessment found that rising international prices, and in particular higher shipping costs for goods passing through the Strait of Hormuz due to the Iran crisis, were driving the increase. While the commission’s assessment suggested an impact of up to 10 taka, the government decided to raise the price by only 5 taka, taking into account the purchasing power of ordinary people.
The secretary said traders have been asked to ensure the market’s oil supply remains fully uninterrupted. Importers and traders have assured the government that, with the upcoming Ramadan in mind, they will maintain a normal supply of oil in the market and will not allow any artificial shortage to develop.