B Mirror Report: The government has revised the prices of soybean oil in response to persistent volatility in the global market and rising import expenses.
The announcement was made today by Commerce Minister Khandakar Abdul Muktadir following a review meeting at the Ministry of Commerce in the capital.
The new pricing decision was finalized during a meeting involving senior ministry officials along with representatives from edible oil refining and importing companies.
According to the updated rates, the price of bottled soybean oil (1 liter) has been raised to Tk 199 from Tk 195. Loose soybean oil (1 liter) will now cost Tk 179, up from Tk 175, while a 5-liter bottled container has been fixed at Tk 975.
The Commerce Minister said the adjustment was unavoidable due to instability in the international edible oil market.
He noted that Bangladesh relies significantly on imports for soybean oil, making local prices highly sensitive to global trends and increased import costs.
He added that refiners and importers had been urging a price revision since Ramadan, citing mounting financial strain caused by higher procurement costs.
Industry representatives warned that without such an adjustment, they could face liquidity shortages, potentially disrupting import activities and affecting supply stability, particularly in opening letters of credit (LCs).
Muktadir stated that the decision followed a thorough assessment of global price movements and associated import expenditures.
Although traders had proposed a steeper increase, the government opted for a moderate adjustment to balance industry sustainability with consumer interests, he said.
He emphasized that the primary objective of the revision is to ensure uninterrupted supply in the domestic market while keeping the impact on consumers as limited as possible.
The minister reaffirmed the government’s commitment to maintaining the availability of essential commodities and ensuring a stable supply chain.
He also expressed hope that consumers would understand the necessity of the price adjustment given the current global economic situation.
