Increase edible oil prices by Tk 9-13 per litre

Local refiners have proposed a significant increase in edible-oil prices by Tk 9-13 per litre, sources say.
The Bangladesh Vegetable Oil Refiners' and Vanaspati Manufacturers' Association (BVORVMA) has submitted a proposal to the commerce ministry in this regard.
It proposed making the new prices effective from April 9.
The Ministry of Commerce (MoC) and the Bangladesh Trade and Tariff Commission (BTTC) are expected to scrutinise the proposal before making an official decision, the association says.
It has proposed raising the price of a litre of bottled soybean oil to Tk 207, a move that is expected to intensify pressure on consumers already struggling with persistent inflation and a higher cost of living.
Besides, the association has proposed increasing the price of a litre of non-bottled (loose) soybean oil to Tk 185, one litre of palm oil to Tk 177, and five litres of bottled soybean oil to Tk 1,020.
The proposal has sparked immediate concern among consumers.
"The prices go up every few months, but our salary stays the same," says a shopper at a kitchen market in the capital's Segunbagicha.
"If the price of five litres of bottled soybean oil exceeds Tk 1,020, it becomes a luxury product rather than a basic need."
On December 7 last year, refiners raised the price of a litre of bottled soybean oil by Tk 6 to Tk 195, palm oil by Tk 16 to Tk 166, and non-bottled soybean oil by Tk 7 to Tk 176.
The price of a five-litre bottle of soybean oil was fixed at Tk 955.
Reports say some loose oil is already being traded at higher rates in kitchen markets, ahead of the proposed date of April 9.
Besides, there was a small deficit of cooking oil in the market during the holy month of Ramadan.
Bangladesh's annual demand for edible oil is 2.4-2.5 million tonnes, with over 95 per cent of it met through imports, says the commerce ministry.
In FY24, the country imported around 2.3 million tonnes of non-refined edible oil.

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