The government has decided in principle to increase the prices of soybean and palm oil following proposals from traders, although the exact hike has not yet been determined.
The decision came on Monday at a meeting held at the Secretariat, chaired by the Commerce Adviser. After the meeting, the adviser did not make any comments to the media.
Commerce Secretary Mahbubur Rahman, however, told reporters that the price hike proposed by traders is significantly higher than international market levels.
“We are reviewing the proposals and will hold further discussions with them before finalising the new price adjustment,” he said.
According to officials, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has proposed increasing the price of soybean and palm oil by Tk 10 per litre, citing a rise in international soybean oil prices to as high as $1,200 per tonne.
The last price adjustment on April 13 set soybean oil at Tk 189 per litre and palm oil at Tk 169 per litre. Meanwhile, the Bangladesh Trade and Tariff Commission is working to ensure that any price hike remains within a reasonable range.
