The prices of soybean and palm oil may increase once again. Edible oil marketing companies have proposed a price hike of Tk 10 per liter to the government. However, the Ministry of Commerce has stated that the proposed increase is too high.

In response to the companies’ request, the government has scheduled a meeting on Sunday, September 21, to discuss the matter. According to reliable sources, the meeting is expected to take place at 3:00 PM in the conference room of the Ministry of Commerce.

Sources from the Bangladesh Trade and Tariff Commission revealed that the government believes a Tk 10 per liter hike does not align with international market trends. The proposal from the businesses is currently under review by the authorities.

It’s worth noting that the Bangladesh Trade and Tariff Commission typically conducts such evaluations. After the review, the Ministry of Commerce holds meetings with businesses to make final decisions.

According to reports, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association—which represents edible oil refiners and marketers in the country—has formally proposed a Tk 10 per liter increase in both soybean and palm oil prices.

In this regard, Mahbubur Rahman, Secretary of the Ministry of Commerce, stated:
“The price hike proposal from the traders is significantly higher than what the international market justifies. We are currently reviewing the proposal, and a decision will be made after discussions with the stakeholders.”

Traders claim that the international market price of soybean oil has reached around $1,200 per ton. In recent weeks, prices have risen by 18–20%, with a similar upward trend seen in palm oil. Citing these increases, companies are requesting a price adjustment.

Previously, on April 13, the Ministry of Commerce had set the retail price of soybean oil at Tk 189 per liter and palm oil at Tk 169 per liter.