Edible oil prices will increase by Tk 8 per liter from January 8

Consumers will have to pay more to buy soybeans and palm oil from Saturday as refiners decided to increase prices to Tk 8 per liter due to increased import costs .
Currently, people have to pay 160 Tk to buy a liter of bottled soybean oil

The same bottle will cost 168 Tk from Jan.8 next week, according to a letter from the Bangladesh Vegetable Oil Refiners and Manufacturers Association of Vanaspati to the Principal Secretary of the Ministry of Commerce on Jan.3.
The association said it wanted to increase the prices of basic necessities from December 3 last year, but refrained from increasing prices given the purchasing capacity of citizens.
But it is not possible to maintain current prices given the import costs, he said in his latest letter.
In November, the refiners wanted to increase prices by 12 Tk per liter from the existing prices of 160 Tk per liter.

In its letter to the Ministry of Commerce, the association indicated that prices would be increased by 8 Tk per liter of soybean oil.
The peak, believed to be the fourth since May of last year, was announced as consumer prices rise, influenced by rising international commodity prices, the rising US dollar exchange rate by compared to taka, soaring transportation and other costs after a 23 percent increase in diesel and kerosene prices by the government during the first week of November.
Inflation hit a 13-month high at 5.98% from 5.7% in October. This is an increase for the fourth consecutive month, according to the Bangladesh Bureau of Statistics.
Bangladesh consumes nearly 20 lakh tonnes of edible oil annually and has to import 90 percent of the vegetable oil to meet national needs, according to the Bangladesh Trade and Tariff Commission.
Refiners have said the maximum retail prices for a 5-liter bottle of soybean oil will be Tk 800 from January 8.
Yesterday, consumers had to pay up to Tk 750 to buy a 5 liter bottle of soybean oil from retail stores in Dhaka.
According to the Trading Corporation of Bangladesh, prices were 29% higher than 540-Tk 580 on the same day a year ago.
The association has also decided to increase the prices of palm oil, according to the letter to the Ministry of Commerce.


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Felix J. Dixon