The price of bottled soybean oil has been reduced by Tk14 per litre to Tk178 effective from Tuesday.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association took the decision on Monday at a meeting with the Prime Minister's Private Sector and Investment Advisor Salman F Rahman and PMO Senior Secretary Tofazzal Hossain Mia.
As per the new rate, a five-litre bottle of soybean oil will cost Tk880, according to a notice issued by the association. This brings down the bottled soybean oil price by 7.29%, said the notice signed by Nurul Islam Molla, the executive officer of the association.
According to a circular, members of the Edible Oil Owners Association met Prime Minister's Private Industry and Investment Adviser Salman F Rahman and Prime Minister's Senior Secretary Tofazzal Hossain Mia regarding the unusual hike in US dollar exchange rate and the complications in opening LCs.
City Group Chairman Fazlur Rahman, Meghna Group Chairman Mustafa Kamal and TK Group MD Mostafa Haider were present at the meeting.
After a detailed discussion on dollar appreciation and complications of LC opening, the price of edible oil was reduced by Tk14 per liter for the convenience of consumers.
As per the discussion, the price of unbottled soybean oil has been reduced by Tk17 per litre, and 5 litre bottled soybean oil by Tk65. As per the new rate, loose soybean oil will cost Tk158 per litre.
Earlier on August 23, the government hiked the price of bottled soybean oil by Tk7 per litre to Tk192 and Tk9 for loose packs setting at Tk175.
