Bangladesh: Govt hikes soyabean oil price by Tk8 per litre

The Ministry of Commerce has decided to increase the price of soybean oil by Tk8 per litre, which means the price of bottled soybean oil will be Tk175 per litre from now on and a litre of loose soybean oil will cost Tk157. Until now, bottled soybean oil was Tk167 per litre and loose soybean oil was Tk149. Mustafa Haider, president of the Bangladesh Edible Oil Association, disclosed the new rates in the presence of Commerce Adviser Sheikh Bashir Uddin at the press conference after a meeting at the commerce ministry today (9 December). Addressing the briefing, Bashir said the price of oil in the international market has increased by 20%, leading to stockpiling by local small traders as many of them had anticipated a price hike. "Considering the overall situation, a realistic analysis was done, and the new price has been set accordingly," he said, adding the new prices would come into effect today. The adviser expressed hope that there would not be a supply shortage of edible oil in ...