Soybean oil prices have hiked for the second time in five months
Prices of edible soybean oil have been increased by Tk7, taking it to Tk160 from the previous Tk153 per litre.
Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association informed the commerce ministry of the price hike on Tuesday.
The new prices will be effective immediately but will not be effective for products in stock, the oil manufacturers association said in a statement.
The trade body said in the statement that the prices were revised following discussions with the ministry and the Tariff Commission in the wake of a hike of unrefined soybean and palm oil prices in the international market.
The latest hike means it will now cost Tk760 to buy a 5 -litre soybean oil container, up from Tk728.
Unbottled or unpacked soybean oil has been priced at Tk136 a litre while palm oil will now cost Tk118 per litre.
The retail prices of cooking oil have been hiked several times over the past few months due to what importers said for an increase in the global market.
The recent hike is the second in five months. On May 27, prices of the essential commodity were increased by Tk9 per litre.
Over 95% of the local demand for cooking oil in Bangladesh is met through imports.
The country imports 2.2 to 2.6 million tonnes of edible oil each year, including 0.7 to 0.8 million tonnes of soybean oil and 1.4 to 1.6 million tonnes of palm oil.