Edible Oil Prices to Rise Again

It has been proposed to increase the price of bottled and open soybean oil by Tk 7 per liter.

The proposal was made at a meeting on the stock situation, imports, and pricing of daily commodities in the conference room of the Commerce Ministry at the Secretariat on Sunday (October 17).

After the meeting, the Additional Secretary (IIT) of the Ministry of Commerce AHM Safiquzzaman told reporters this information.

The Additional Secretary said that their (oil trader's) proposal was to increase the price of bottled oil to Tk 168 per liter. The Tariff Commission has analyzed more than once and proposed Tk 162. This was the September average report. Today, after a long discussion, the price of bottled oil has been fixed at Tk 160 per liter, which was earlier Tk 153.

Currently, open soybean oil is Tk 129 per kg. It has been proposed to increase the price by Tk 7 to Tk 136.

The additional secretary said it has been proposed to increase the price of a 5-liter bottle from Tk 728 to Tk 760 and palm oil from Tk 116 to Tk 119.

Noting that the proposal would be presented to the Commerce Secretary, Safiquzzaman said the price would be finalized after talking to the minister. Oil traders will announce it on their pads later.

Noting that the onion market was volatile, the Additional Secretary said, "We have given special focus in the last one week. By the grace of Almighty, we have been able to bring the onion market to a fair level.”

He also said that a decision will be taken soon after assessing when the regulatory duty on sugar will come into effect.