Local refiners on Tuesday raised the maximum retail price (MRP) of soybean oil in both loose and bottled forms by Tk 9.0 and Tk 7.0 per litre respectively.
Recently, the Ministry of Commerce (MoC) formally approved the new rates following a price-hike proposal by the Bangladesh Vegetable Oil Refiners' and Vanaspati Manufacturers' Association (BVORVMA), said a press release.
The MRP of bottled soybean oil increased to Tk 192 from Tk 185 per litre, while a five-litre pack rose to Tk 945 from Tk 910, and one-litre loose soybean increased to Tk 175 from Tk 166.
The price of loose palm oil has been fixed at Tk 145 per litre. The rate has been fixed through detailed discussion between the representatives of the MoC and BVORVMA.
On July 17 last, the association had cut the MRP of bottled edible oil by Tk 14 to Tk 185 per litre.
On Tuesday, crude soybean oil was selling at around U$1,515 per tonne in the global futures markets, according to indexmundi.com. The prices of crude soybean oil reached more than $1,947 and $1,962 per tonne in the months of April and May respectively.
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