Edible Soybean Oil Photo: COURTESY
The Ministry of Commerce has decided to raise the prices of edible oil to keep pace with the international market and stave off any volatility ahead of Ramadan.
The decision was taken during a meeting of the national committee on the Essential Commodities Marketing and Distributor on Monday, the ministry said in a statement.
The price of unpacked soybean oil has been set at Tk 113 per litre, up from Tk 107, at the mill gate.
The retail price of bottled soybean oil was fixed at Tk 139 per litre, which will be Tk 127 at the mill gate and Tk 131 for dealers.
The retail price of soybean oil was Tk 135 per litre earlier, which was Tk 123 at the mill gate and Tk 127 for dealers a month ago.
However, the retail and wholesale prices of a five-litre bottle of soybean oil have risen to Tk 660 from Tk 625 and Tk 640 from Tk 600 respectively. The price has increased to Tk 620 from Tk 585 at the mill gate.
Unpacked palm oil prices have been fixed at Tk 104 per litre at mill gate, Tk 106 for dealers and Tk 109 in retail markets.
Super palm, which accounts for around 70 percent of the cooking oil used in Bangladesh, is being sold for Tk 95 per litre (unpacked) at mill gate, Tk 98 to the distributors and Tk 104 in the retail market.
According to the ministry, the prices of crude soybean and palm oil have been rising in the international market since July last year.
At present, the FOB (free on board) price of crude soybean oil is $1,275 per tonne while palm oil costs $1,037 per tonne in the international market.
At the same time, the cost of transportation has gone up 80 to 85 per cent and the price of bottled raw material resin has risen 50 to 60 per cent. These issues have also been taken into consideration in raising the price of edible oil, the ministry said.