Commerce Adviser Sk Bashir Uddin has said traders cannot announce a price increase before the final decision is made by the government, calling the move illegal.
Speaking to reporters after a meeting with edible oil traders in the office of the commerce secretary at the Secretariat, he said the ministry finalized the new prices on Tuesday, and any prior announcement made by traders is illegal.
On Sunday, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association issued a notice raising the price of soybean oil by Tk14 per litre and palm oil by Tk12 per litre.
The Ministry of Commerce said the new prices of soybean and palm oil will take effect on Tuesday.
According to the new prices, a one-litre bottle of soybean oil will cost Tk189, up from Tk175.
A five-litre bottle will now cost Tk922, up from Tk852. The price of loose soybean and palm oil will be Tk169 per liter, up from Tk157.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association issued a notice on Sunday night to implement the new prices.
It is worth saying that earlier, two meetings regarding oil price hikes were held on April 6 and 8, following the Eid holidays.
However, no decision was reached during those meetings.
Later, the association of edible oil producers issued a notice on Sunday, announcing a Tk14 increase per litre for soybean oil, and said the new prices would take immediate effect.
Following this announcement, the traders were summoned for a meeting.
Letters were sent from the Ministry of Commerce summoning representatives from TK, Meghna, and City Group to attend the meeting.
The chairman of the Tariff Commission and the president of the Edible Oil Factory Owners Association were also invited.
Accordingly, the third round of meetings was held today, where the new prices were finalized in agreement with the traders.
Previously, the last price increase for bottled soybean oil was on December 9, when the price was set at Tk175 per litre.
