Continuous Rise in price of Edible Oil in Bangladesh

Refiners boosted edible oil prices this week, violating the government's directive, with branded soybean oil hitting USD 1.89- 1.95 per liter, up from USD 1.80- USD 1.85 before at the retail level. They raised the rates despite the government's intention to review them at the next meeting of refiners and the government, scheduled for 6 February , 2021. According to local grocers and web marketplaces, refiners began supplying edible oils with new pricing labeled throughout the country last week. Following a jump in bottled oil prices, loose soybean oil reached a high of USD 1.80 per liter, and palm oil reached a low of USD 1.69 per liter on Friday, setting a new record and severely affecting the commoners.

According to worldwide trade websites, the highest soybean oil price in January 2022 was USD 1,410 per MT, up from USD 1,100 per MT in January 2021. According to the Consumers Association of Bangladesh (CAB), the government should take quick action if dealers increase their prices in defiance of the government-mandated tariffs.