After a week of negotiations and meetings with the government, edible oil mill owners have finally raised the price of bottled soybean oil by Tk 14 per liter.
As a result, the price of a one-liter bottle of soybean oil is now Tk 189, up from Tk 175.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association announced the price hike in a press release on Sunday. They stated that the new prices have already come into effect from today.
According to the new pricing, a five-liter bottle of soybean oil will now cost Tk 922, previously priced at Tk 852. Additionally, the price of loose soybean and palm oil has been set at Tk 169 per liter, up from Tk 157.
Previously, the price of bottled soybean oil was last increased on December 9, when it was set at Tk 175 per liter.
It is reported that on March 27, before Eid, mill owners proposed a new price hike. They wanted to raise the price of bottled soybean oil by Tk 18 per liter and loose soybean oil by Tk 13.
After the government’s tax relief period on edible oil expired on April 1, the traders declared they would implement the new prices. They formally informed the Ministry of Commerce and the Bangladesh Trade and Tariff Commission on the same day.
To keep prices affordable during Ramadan, the government had offered duty and tax relief on edible oil, which ended on March 31. After the Eid holidays, negotiations resumed last week over the pricing.
The government and traders met on Sunday, Tuesday, Wednesday, and Thursday to finalize the rate, debating whether the price would exceed Tk 190 per liter. However, no final decision came at that time.
Meanwhile, even before the mill owners' demand, the Tariff Commission had recommended the National Board of Revenue (NBR) extend the tax waiver period on edible oil imports until June 30. However, the NBR has yet to make a decision on the matter.