Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
A meeting between the commerce ministry and edible oil refiners ended without a conclusive decision on a proposed price hike for cooking oil.
Sources present at the meeting held on Monday said both sides failed to agree on how much the price of edible oil should be increased.
The meeting, which included representatives from the Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association (BVORBMA), was held at the Ministry of Textiles and Jute.
Earlier this month, refiners proposed raising edible oil prices by Tk 10 per litre, citing verified data on letters of credit (LC), inbound shipments, and ex-bond information.
In response, the Ministry of Commerce (MoC) held the meeting to evaluate the proposal.
Some insiders claimed that the commerce ministry agreed to a modest increase of Tk 1.0 per litre. However, refiners reportedly showed reluctance to accept the ministry's decision.
Another commerce ministry source also said the ministry and the refiners did not reach a final decision on the price hike.
Commerce Adviser Sk. Bashir Uddin attended the meeting, along with representatives from state agencies and major refiners, including City Group, Meghna Group, T.K. Group, and Bangladesh Edible Oil Ltd.
Contacted, Mohammad Mustafa Haider, Group Director of T.K. Group, said "There has been no decision on the price increase at the meeting."
Discussions took place around a Tk 1.0 increase, but nothing has been finalized, he added.
On September 8, the BVORBMA formally proposed raising the maximum retail price (MRP) of bottled soybean oil to Tk 199 per litre from Tk 189. The price of a five-litre soybean oil jar was proposed at Tk 972, up from Tk 920. Loose soybean oil was suggested to increase to Tk 179 per litre from Tk 169, and palm oil to Tk 160 from Tk 150 per litre.
The government last adjusted edible oil prices on April 15, setting the MRP of bottled soybean oil at Tk 189 per litre and non-bottled palm oil at Tk 169. On August 12, palm oil prices were reduced by Tk 19 to Tk 150 per litre, while soybean oil prices remained unchanged.
Bangladesh's annual demand for edible oil stands at 2.4 to 2.5 million tonnes, with over 95 per cent imported. In FY 2023-24, the country imported about 2.3 million tonnes of crude edible oils, according to commerce ministry data.
rezamumu@gmail.com