Soybean oil prices fall by Tk 5-6/litre

Local edible oil refiners have reduced the maximum retail price (MRP) of bottled soybean oil by Tk 6.0 to Tk 199 per litre.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORBMA) reduced the MRP of a five-litre soybean oil jar to Tk 980 from Tk 997, and the MRP of loose soybean oil to Tk 180 from Tk 185 per litre.
The new prices will be effective at retail level from today (Monday), according to a BVORBMA press release.
Commerce Secretary Tapan Kanti Ghosh, in a press conference at his secretariat office on Sunday, hinted at reducing the prices of edible oils in the domestic market, as their prices declined in the international market.
Mr. Ghosh said it would take one or two days to cut the prices of edible oils in the local market. The Bangladesh Trade and Tariff Commission (BTTA) is working on the issue.
"We are now working to adjust the edible oil prices in the local market. We are also calculating different things, including US dollar price."
He, however, mentioned that the current dollar price rise would impact the prices of edible oils. Traders mainly import soybean oil from Paraguay and Brazil, and palm oil from Indonesia.
The prices of edible oils recently reached an all-time high level in the market, affecting consumers, who are already in dire straits to meet the rising cost of living, said commoners.
On June 09, the government increased the MRP of bottled soybean oil by Tk 7.0 to Tk 205 per litre.
The Ministry of Commerce then fixed the MRP of a five-litre soybean oil jar at Tk 997, up from Tk 985, loose soybean at Tk 185 per litre from Tk 180 per litre, and super palm oil at Tk 158 per litre.

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