The government has decided to increase the prices of soybean and palm oil in response to proposals from traders. However, the amount of increase has not been decided. The decision was taken at a meeting of traders held at the Secretariat on Monday under the chairmanship of Commerce Advisor Sheikh Bashiruddin. The Commerce Advisor did not make any comments after the meeting.
After the meeting, Commerce Secretary Mahbubur Rahman, however, told reporters, “The price hike proposal made by the traders is much higher than the international market. We are reviewing it. Then, we will discuss with them again and decide how much the price of edible oil will be increased.”
The Bangladesh Vegetable Oil Refiners and Palm Oil Manufacturers Association has proposed to increase the prices of soybean and palm oil by Tk 10 per liter. The reason is that the price of soybean oil per ton in the international market has reached $1,200 per barrel.
On April 13, the price of soybean oil was set at 189 taka per liter and the price of palm oil at 169 taka. Meanwhile, the Bangladesh Trade and Tariff Commission is reportedly working on increasing the prices of edible oil at a reasonable rate.
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