The price of soybean oil has been decreased by Tk6 per liter, which will be effective from Monday (June 27).
The Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association (BVORVMA), an association of owners of edible oil refining and marketing companies, on Sunday gave the announcement.
According to BVORVMA, the maximum price of per liter bottled soybean oil will be fixed at Tk 199 from Tk 205, while 5 liters bottled soybean price will be fixed at Tk980 from Tk997. The loose soybean oil will be sold at Tk 180 per liter instead of Tk 185 per liter.
As per the instructions of the Commerce Ministry, the BVORVMA has reduced the edible oil price adjusting soybean price with the global market.
However, the price of crude soybean oil decreased by 26 percent in the global market.
Bangladesh imports large quantities of soybean oil from Argentina, a South American country. The price of crude soybean oil imported from the country has decreased in the last 30 days.
The Bangladesh Trade and Tariff Commission (BTTC) calculated that the price of crude soybean oil in Argentina last Wednesday was $1464 per tonne, which was $ 1970 per tonne just a month ago.
This means that the price of crude soybean oil has dropped by about 26 percent in the last 30 days.
Not just soybean oil, the trend of rising commodity prices in the world market has now started to decline. Prices of rice, edible oil, wheat, sugar and lentils are decreasing.