Companies want to increase the price of edible oil further

Marketing companies want to increase the price of soybean and palm oil again. They have proposed to increase the price of these edible oils by citing the increase in prices in the international market.

A meeting with traders is scheduled to be held at the Commerce Ministry on Sunday (September 21).                                                                                                                   It is learnt that the Bangladesh Vegetable Oil Refiners and Bonaspati Manufacturers Association, an organization of edible oil refiners and marketers, has proposed to increase the price of soybean and palm oil by Tk 10 per liter this time.

The Bangladesh Vegetable Oil Refiners and Bonaspati Manufacturers Association said that the price of soybean oil per ton in the international market has increased to $1,200. In recent times, the prices of soybean and palm oil have increased by 18-20 percent. Therefore, they have proposed to adjust the prices.

However, the Commerce Ministry says that the proposal to increase the price of oil made by the companies is too high. Increasing the price by 10 taka per liter is not in line with the international market. This proposal of the traders is being reviewed.

The Bangladesh Trade and Tariff Commission usually conducts such reviews. After the review, a decision is taken by the Ministry of Commerce after a meeting with the traders.

Secretary of the Ministry of Commerce Mahbubur Rahman said, the proposal made by the traders to increase the price is much higher than the international market. We are reviewing it, then a decision will be taken after a meeting with them.