Refiners seek Tk 10 cooking oil price rise

Edible oil refiners have proposed raising cooking oil prices by Tk 10 per litre, citing higher import costs, with the government yet to decide whether to approve the latest proposal.
Under the proposed pricing, the maximum retail price (MRP) of one-litre bottled soybean oil would rise to Tk 209 from the current Tk 199, sources said.
In a recent letter to the Ministry of Commerce, the Bangladesh Vegetable Oil Refiners' and Vanaspati Manufacturers' Association (BVORVMA) said the proposed increase had been made in accordance with Section 12(1) of the Essential Commodities Marketing and Distributor Appointment Order, 2011.
Under the proposed rates, a five-litre bottle of soybean oil would be priced at Tk 1,015, while the prices of loose soybean oil and loose palm oil would be set at Tk 188 and Tk 183 per litre, respectively.
The association wants the revised prices to take effect nationwide today (Sunday).
A senior Commerce Ministry official said no decision had yet been taken on the proposal.
"The ministry has forwarded the proposed price schedule to the relevant monitoring and tariff authorities for scrutiny," he said.
Representatives of the Commerce Ministry and the BVORVMA are expected to meet soon to discuss the proposed price adjustment.
On June 15, the association initially proposed raising the price of bottled soybean oil by Tk 12 per litre. It later revised the proposal on July 7, seeking to set the retail price at Tk 209 per litre instead of Tk 211.
Previously, on April 29, the price of one-litre bottled soybean oil was increased by Tk 4 to Tk 199 from Tk 195.
Following that adjustment, the price of a five-litre bottle rose to Tk 975 from Tk 955, while loose soybean oil increased to Tk 180 per litre from Tk 176. The price of loose palm oil remained unchanged at Tk 166 per litre.
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