Soybean oil prices drop by Tk 10/litre

The government announced a Tk 10-per-litre cut on both branded bottled and non-branded soybean oils, effective from March 1. This will bring the price of branded oil down to Tk 163 per litre from Tk 173.
After a taskforce meeting on commodity prices, State Minister for Commerce Ahsanul Islam Titu at a media briefing announced the decision to reduce edible-oil prices ahead of Ramadan.
With the revenue board earlier reducing tariffs on edible oil by Tk 5 per litre, Titu said mill owners and oil refiners have agreed to a further Tk 5 reduction per litre in the lead-up to Ramadan.
The new prices will come into effect on March 1. Non-branded loose soybean oil will then cost Tk 149 per litre, down from Tk 159.
The state minister also said there are currently no plans to reduce palm oil prices.
According to trading sources, bottled soybean oil is currently being sold at Tk 173-175 per litre, loose soybean oil at Tk 165-170 per litre and loose palm oil at Tk 150-155 per litre in city groceries and kitchen markets.
Regarding onion imports from India, the state minister at the briefing said, "We have had verbal discussions about resuming imports, but we are still awaiting an official decision from India."
Despite the news of Indian onion imports, the price of the kitchen staple remained unchanged at Tk 120-130 per kg across the city on Tuesday.

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