The government has reduced the retail price of palm oil by Tk 19, setting it at Tk 150 per litre, while keeping the price of soybean oil steady.
Commerce Secretary Mahbubur Rahman announced the decision during a press briefing at the Secretariat on Tuesday, attributing the move to falling prices in the international market.
The Bangladesh Trade and Tariff Commission, which monitors global and local supply and demand for edible oils, recommended the cut following a recent decline in international palm oil prices. The government subsequently approved the recommendation.
The price of bottled soybean oil will remain at Tk 189 per litre.
Palm oil accounts for about 60% of the edible oil market in Bangladesh, Rahman noted.
On April 15, the government had set the prices of soybean oil and palm oil at Tk 189 and Tk 169 per litre, respectively.