Importers urge government to increase soybean oil price by Tk 20 per litre

The Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association (BVORVMA), an association of owners of edible oil refining and marketing companies, has urged the government to hike prices of soybean oil by Tk 20 per litre.

The BVORVMA gave this proposal to the Bangladesh Trade and Tariff Commission (BTTC) on August 3.

The proposal stated that the price of open (loose) soybean oil be raised to Tk 180 a litre, Tk 205 a litre of bottled soybean and Tk 960 for five-litre bottle.

Mustafa Abid Khan, a former member of the Tariff Commission, told UNB that when the price of edible oil was earlier adjusted, the dollar price was taken into consideration. As much of the price in the world market fell, the price in the country did not fall accordingly.

He said, now the proposal can be reviewed. However, it should be kept in mind that people are under pressure due to the increase in the prices of commodities. The increase in fuel prices will further increase the pressure, he said.

Along with the price hike proposal, the BVORVMA has also provided a breakdown of the cost.