The government has decided to raise the prices of edible oil in line with rising international rates, officials said on Monday.
The decision was taken at a meeting between Commerce Adviser Sk Bashir Uddin and traders at the Secretariat. The revised prices of loose and bottled soybean and palm oil will be announced by traders later.
Traders had been pressing for the adjustment, citing an 18–20% rise in global soybean and palm oil prices. The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association said international soybean oil prices have reached $1,200 per ton.
The latest move follows a Tk19 cut in palm oil prices to Tk150 per litre on August 12, while soybean oil remained unchanged at Tk189. In April, the government had fixed soybean oil at Tk189 and palm oil at Tk169 per litre.
