Soybean oil price jumps by Tk 14 per litre

Edible oil refiners have raised the price of soybean oil by Tk 14 per litre, bringing the price of one-litre bottled soybean oil to Tk 189, up from the previous Tk 175.

The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORVMA) announced the new rates in a notice issued on Sunday (April 13), stating that the revised prices would take immediate effect.

As per the announcement, the price of a five-litre bottled soybean oil has been increased to Tk 922 from Tk 852. Additionally, the price of loose soybean and palm oil has risen to Tk 169 per litre, up from Tk 157.

Soybean oil was last priced up on December 9 last year, with the bottled variant reaching Tk 175 per litre.

Earlier, on March 27—just before Eid—refiners had proposed another price hike. At that time, they sought to raise the price of bottled soybean oil by Tk 18 per litre and loose soybean oil by Tk 13 per litre, with the new rates intended to take effect from April 1, following the expiration of tax benefits on edible oil.

The association formally communicated the decision to the commerce ministry and the Bangladesh Trade and Tariff Commission.

The fresh price hike comes in the wake of the government’s decision not to extend reduced import duties on edible oil, which had been introduced ahead of Ramadan to stabilise prices and expired on March 31.

After the Eid holidays, a series of meetings were held last week—on Sunday, Tuesday, Wednesday, and Thursday—to discuss the issue, but no consensus was reached.

Meanwhile, before the refiners' latest move, the Tariff Commission recommended extending the reduced import duties on edible oil until June 30 and sent a formal request to the National Board of Revenue (NBR).

However, the NBR has yet to make a final decision.

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