The government has cut the edible oil price by Tk5 per litre and fixed the maximum retail price of per-litre bottle of soybean oil at Tk 187 from Tk 192. The new price of oil will be effective from next Sunday (November 18). As per discussion with the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORBMA), the association of the owners of edible oil refining and marketing companies, the Ministry of Commerce issued a notification in this regard on Thursday. Read more: TCB to procure 2.75 crore litres of soybean oil As per the new rates, the price of loose soybean oil has been fixed at Tk 167 and bottled soybean oil at Tk 187 per litre. A 5-litre bottle of soybean oil price is set at Tk 906 and palm oil at Tk 117 per litre. At present, loose soybean oil retail price is Tk 172 per litre, bottled soybean oil is Tk 192 and a 5-litre bottle is Tk 925 in the retail market. Besides, the price of palm oil is 121 Tk per litre.

Soybean oil price may go up as Bangladesh Tariff Commission (BTC) is considering proposal for hiking edible oil price due to higher production costs. Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association (BVORBMA), the association of owners of edible oil refining and marketing companies, has submitted a proposal to raise soybean oil price by Tk 15 per litre. The oil refiners argued that traders will count losses due to higher production costs and price hikes in the global market if soybean oil price is not adjusted. Also read: Soybean oil: No real effect of reduced tariff The refiners submitted a letter last Tuesday to Commerce Secretary Tapan Kanti Ghosh, urging the government to readjust the prices by Sunday (tomorrow). The refiners made the proposal a month after lowering soybean oil price by Tk 14 a litre. Chief Executive of BVORBMA, Nurul Islam Molla, told UNB, the situation was described to the commerce secretary. After a meeting with Salman F Rahman, the prime minister’s adviser for private industry and investment on October 3, the association lowered the prices by Tk 14 a litre. The price of a litre of unbottled soybean oil was set at Tk 158, a litre bottle at Tk 178, and a 5-litre bottle at Tk 880. Read More: TCB to procure 2.25 litres of soybean oil, 15,000 mts of lentil for OMS.

Amid much talk over the higher price of soybean oil, the government on Sunday reduced the price of bottled soybean oil by Tk14 to make it Tk 185 per litre. The new price will be effective from Monday across the country, a senior official of the commerce ministry told UNB. In consultation with the commerce ministry, the Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association (BVORVMA), an association of owners of edible oil refining and marketing companies on Sunday made the announcement. Also read: CAB urges govt to readjust edible oil prices This brings down the bottled soybean oil price by 7.03 per cent from Tk199 to Tk 185 per litre due to the declining price in the global market. The BVORVMA also agreed to reduce the price of palm oil from Tk 6 a litre to Tk 152 a litre. Also read: Soybean oil price decreased by Tk 6 per liter The new price of five-litre bottle of soybean oil will be Tk 910, down from Tk 980, he said.

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. Read: Soaring prices of dry food another blow to flood-hit Beanibazar residents 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. Read: Free health camps set up in flood affected areas 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.

The edible oil price has increased sharply in the domestic market in the last two days after Indonesia, the world's top palm oil producer, announced an export ban. Indonesia announced on Friday a ban on palm oil exports from April 28  in a bid to stymie the soaring domestic price of cooking oil. However, analysts expect the ban to be a temporary one lasting weeks rather than months.  The soybean oil (loose) which had been selling at Tk 192-195 per litre in the capital, started selling for Tk 200 per litre on Monday. Also read: Govt doing its best to rein in prices of essential commodities: PM Some areas of the capital are not getting oil at higher prices even. Not only loose Soybean oil, but also bottled oil is seeing a shortage. Buyers at Shanti Nagar Bazar complained that shoppers are creating artificial crises to sell oil at higher prices. A retailer there told UNB that they sold loose Soybean oil at Tk 175 per liter on Sunday morning. In the afternoon on the same day, they bought the same edible oil from the wholesaler at Tk 182 per liter. On Monday morning the same oil the retailer bought at Tk 192 per liter. Talking to UNB, an additional secretary of commerce ministry in additional charge on import cell said that the Commerce inistry is working to control the price of edible oil. Also read: Palm oil price cut by Tk 3 per litre The ministry will hold a meeting with business leaders regarding alternative sources of edible oil to meet the demand of palm oil, he said, maintaining anonymity. He also hinted that a huge volume of edible oil has been imported or LCs have been opened to import, so there is no reason for price hike or to worry about shortages.