The Financial Express

Soybean oil refiners offer to cut MRP by Tk 4.0 a litre

| Updated: January 07, 2022 12:50:48

Soybean oil refiners offer to cut MRP by Tk 4.0 a litre

Local oil refiners have proposed to cut the maximum retail price (MRP) of bottled soybean oil by Tk 4.0 a litre to Tk 168.

However, their proposed rate still remains Tk 8.0 per litre higher than the rate, Tk 160 per litre, fixed by the government in October 2021.

Earlier, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORVMA) proposed to increase the MRP of edible oil on November 18, 2021.

On January 02, 2022, the BVORVMA urged the Ministry of Commerce (MoC) to take necessary steps regarding the price cut proposal. The group of millers mentioned in the proposal that the new rates would be effective from January 08.

The MRP of a five-litre soybean oil jar was reduced to Tk 800 from the previously proposed price of Tk 820.

Besides, the BVORVMA proposed to cut the MRP of loose soybean oil to Tk 145 per litre from Tk 148 and to keep unchanged the previous proposal on MRP of per litre palm oil.

On October 19, 2021, the oil refiners, through discussion with the MoC, increased the MRP of bottled soybean oil to Tk 160 per litre from Tk 153. They also increased the price of a five-litre can of soybean oil to Tk 760.

Besides, the price of loose soybean oil was proposed to increase to Tk 136 per litre, while the MRP of super palm oil to Tk 118 per litre.

In September, the price of bottled soybean oil was fixed at Tk 153 per litre, and the price of a five-litre jar at Tk 728.

The soybean oil price increased several times last year due to increase in its price in the global market, following economic disruptions - caused by the coronavirus pandemic.

Bangladesh annually imports 2.2 million to 2.6 million tonnes of edible oils, including 0.7 million to 0.8 million tonnes of soybean oil, and 1.4 million to 1.6 million tonnes of palm oil. More than 95 per cent of the local demand is met through import.

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