Traders want price hike for edible oil again amid dollar crisis

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Traders want price hike for edible oil again amid dollar crisis

BM Desk:

Bangladesh Vegetable Oil Refiners and Bonaspati Manufacturers Association wants to increase the price of edible oil in the country again on the pretext of an increase in the dollar price. For this reason, a letter signed by Nurul Islam Mollah, executive officer of the association, has been given to the Bangladesh Trade and Tariff Commission to review the price change. This information was revealed by the relevant sources on Wednesday.

In the letter given to the commission recently, it is said that the price of edible oil needs to be increased due to the increase in the dollar price in the open market. The dollar value of edible oil imports is currently Tk 122 to Tk 124. But the last time the price of edible oil was fixed, it was fixed at 111 rupees.

However, market analysts said that the dollar rate has risen to Tk 122-124 in the open market for about 10 days. But in this short time, he did not bring edible oil to the country by doing LC at a high price. Because it takes more than one to one and a half months to import crude soybean oil and bring it to the country. But the companies are now going to increase the price of oil in the domestic market on the pretext that the price of the dollar is rising. Which is absurd. However, the price may be increased when the LC edible oil arrives in the country at an additional dollar.

However, the commission may hold a meeting with the companies after the review. Then the decision will be announced.

Earlier, the Ministry of Commerce decided the new price of edible oil on September 17. At that time, the price of bottled soybean oil was reduced by Tk 5 to Tk 169 per liter. And the ministry decided to reduce the price of palm oil by 4 taka to 124 taka.

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