Bangladesh: Refiners raise soybean, palm oil prices amid confusion over approval

The country’s edible oil refiners on Monday increased the retail price of bottled soybean oil by Tk 6.0 per litre, setting the new rate at Tk 195. Prices for loose soybean oil and palm oil have also risen by Tk 3.0 and Tk 13 per litre, respectively. The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association announced the new price hike in a press statement. The announcement comes amid an ongoing dispute between refiners and the Ministry of Commerce over pricing decisions. Between August and September, the refiners had sought a Tk 10 hike in soybean oil prices, but the commerce ministry approved only Tk 1.0, prompting them to threaten import halts and reduce supply, according to media reports. On Monday, the refiners said the new price hike has been decided following fresh discussions with the commerce ministry. But Commerce Secretary Mahbubur Rahman told the FE that a meeting was held recently but no such decision was made. “I’ve heard they (refiners) issued a ...