BM Desk: Following a week of discussions and meetings with government officials, owners of edible oil mills have increased the price of bottled soybean oil by Tk 14 per liter.
Consequently, the cost of a one-liter bottle of soybean oil has risen to Tk 189, up from the previous price of Tk 175.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association announced this price adjustment in a press release on Sunday, indicating that the new prices took effect immediately.
Under the revised pricing structure, a five-liter bottle of soybean oil will now be priced at Tk 922, an increase from Tk 852. Furthermore, the cost of loose soybean and palm oil has been adjusted to Tk 169 per liter, up from Tk 157.
The last increase in the price of bottled soybean oil occurred on December 9, when it was set at Tk 175 per liter.
Reports indicate that on March 27, prior to Eid, mill owners proposed a further price increase, seeking to raise the cost of bottled soybean oil by Tk 18 per liter and loose soybean oil by Tk 13.
After the expiration of the government’s tax relief period on edible oil on April 1, traders announced their intention to implement the new prices and formally notified the Ministry of Commerce and the Bangladesh Trade and Tariff Commission on the same day.
To maintain affordable prices during Ramadan, the government provided duty and tax exemptions on edible oil, which concluded on March 31. Following the Eid holidays, discussions regarding pricing resumed last week.
Government officials and traders convened on Sunday, Tuesday, Wednesday, and Thursday to determine the final rate, with discussions focused on whether the price would surpass Tk 190 per liter. However, no conclusive agreement was reached at that time.
In the meantime, prior to the mill owners’ request, the Tariff Commission had suggested that the National Board of Revenue (NBR) prolong the tax exemption period for edible oil imports until June 30. Nevertheless, the NBR has not yet reached a decision on this recommendation.
