Amid the ongoing ‘instability’ in the edible oil (soybean oil) market over the past few days, the government has decided to increase the prices of bottled and loose soybean and palm oil.
The decision was taken on Monday at a meeting between Commerce Adviser Sheikh Bashir Uddin and traders at the Secretariat.
According to meeting sources, the prices of both loose and bottled soybean and palm oil have been increased. However, the extent of the price hike will be announced by the traders.
Citing “adjustment with the international market” as an excuse, traders had begun pushing to raise edible oil prices. In continuation of this, they met with Commerce Adviser Sheikh Bashir Uddin.
Economists say that although the international market for edible oil fluctuates, its impact in Bangladesh is often the opposite. As a result, the suffering of ordinary people over this essential commodity is not decreasing but is in fact increasing day by day.