Soybean oil price cut by Tk 10 a litre

Local edible oil refiners cut the maximum retail price (MRP) of bottled edible oil by Tk 10 to Tk 189 per litre.
The new rate has been fixed after a cut from existing Tk 199, which was approved by the government on May 04.
The government fixed the MRP of a five-litre soybean oil jar at Tk 920. The MRP of one litre loose soybean was also fixed at Tk 167 while palm-oil price has been set at Tk 133 from Tk 135 now.
Senior Secretary of the commerce ministry Tapan Kanti Ghosh announced the new rates of edible oil after the ministry's 7th task force meeting at his Secretariat office on Sunday.
Taskforce members, representatives from the state agencies, including law enforcers, FBCCI, sugar and edible refiners, importers, retailers and wholesalers attended the meeting.
The new prices came into effect from Sunday in the retail market, according to a Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association.
After the meeting, the secretary said various issues, including prices of soybean, onion, garlic and ginger, have been discussed.
He said they also had discussed what the current import situation of the consumed products was and what the prices of the items should be.
As the price remains static in the international market, the price of edible oil will come down at the local level, he further said.
Meanwhile, the price of onions has started to fall in the market. So far, the agriculture ministry has issued import permissions (IP) for bringing in more than 0.54 million tonnes of onions.
Of the total, around 30,000 tonnes have already arrived in the country, Mr Ghosh mentioned.
He hoped that the price of onions will further decline after the remaining amount of the onion enters the country.
Replying to a question, the senior commerce secretary said given the demand, there is no shortage of supply in the country, except for sugar, wheat and ginger, in the last one year.
There have been necessary discussions on keeping the prices of some goods stable as the demand for those items increases during the Muslim festival of Eid-ul-Azha, he said.
Tapan Kanti Ghosh mentioned that there is a shortage of ginger in the domestic market as the import of the item from China remains halted - necessary steps are in progress to solve the problem.
Local traders have assured of keeping the prices of essential commodities stable in the market, he said.
According to the information presented at the meeting, the price of crude soybean oil in the world market on June 8, 2023 decreased by 43.77 per cent compared to June 8, 2022, while the palm oil prices fell by 48.69 per cent.
The prices of some essential products, including edible oil, flour and onion, have decreased in the international market, but the rates are not reflected in the local market.
The price of import payment currency increased 25 per cent with the increase in costs of gas, electricity and transportation in the last one year.
The commerce ministry said that the prices of all products, except for ginger and sugar, have decreased in the international market in the last one year.
The import of wheat and sugar decreased by 2.4 million tonnes and 72,000 tonnes in the last one year, said Mr Ghosh, adding that lower import volume has affected the market prices.
The entire demand for sugar in the country depends on import. For this reason, the price has to be fixed in line with the global market. The price of sugar in the international market has been stable for the last couple of days, said the senior secretary.
But it is not possible to immediately reduce the price of any essential item in the local market as there are various issues involved such as dollar rate and transportation cost.

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