Soybean oil price hiked by Tk 9.27 per liter

The Trade and Tariff Commission has once again recommended an increase in the price of edible oil. The agency has recommended an increase in the price of soybean by Tk 9.27 per liter.

The recommendation to increase the price of edible oil has been made due to the increase in the average LC price, inbond, exbond and dollar exchange rate. This may lead to an increase in oil prices again by the end of the year.

The Trade and Tariff Commission said that in the oil price adjustment meeting on July 27, permission was given to sell soybeans at Tk 189 per liter from August 3. However, various inconsistencies in the international market and the increase in the value of the dollar started affecting the LC. On the first day of November, the cost of soybeans in the international market was $1,062 per metric ton, while palm oil was $1,037. As a result, the agency recommended an increase in the price of edible oil in the domestic market.

The recommendation calls for adjusting the price of refined soybean and palm super oil to 122.60 paisa per dollar. Whereas, the maximum retail price of bottled soybean oil per liter has been increased by 9.27 paisa from 189 taka to 198.27 paisa and the maximum retail price of 1 liter of unopened soybean oil has been increased by 8.85 paisa to 177.85 paisa.

It is to be noted that, according to the Trading Corporation of Bangladesh (TCB), the price of 1 liter of bottled soybean oil has increased by 14 percent in the domestic market in one year.