Now that the cooking oil prices have been decreasing in the international market, the Consumers Association of Bangladesh (CAB) urged the government to readjust cooking oil prices in the country.
Vice-president of CAB central committee SM Nazer Hossain came up with the call through a statement on Friday.
He said as per the World Bank reports, the average price of crude soybean oil was $765 a tonne in the international market in 2019, $838 in 2020 and $1,385 in 2021.
The prices of soybean oil increased to $1,956 a tonne in March earlier this year, but decreased to $1,947 the following month.
He also said the crude soybean oil price in the international market is now $1,464 a tonne.
"We call upon the government to readjust the prices of cooking oil for the sake of consumers, considering the declining price trend in the international market."
The CAB statement noted that the government waived value added tax (VAT) on import of crude edible oils.
But their prices were still high in the local market, causing great disappointment to the consumers.
Hossain further said the prices of soybean oil in the local market increased five times from October 2021 to June 2022.
He alleged that the Bangladesh Trade and Tariff Commission (BTTC) became enthusiastic to increase the prices of cooking oil when their prices increased in the international market.
But the agency shows little interest to readjust oil prices downward when these decrease in the global market, he added.
The government revised the prices of edible oils on May 5.
The prices were revised again on June 9.
The government, refiners and traders fixed the mill-gate price of lose soybean oil at Tk180 a litre, Tk182 at distributor level, and Tk185 at retail level.
The mill-gate price of pet bottle soybean oil was fixed at Tk195 a litre, Tk199 at distributor level, and Tk205 at retail level.
The mill-gate rate of palm oil was fixed at Tk153 a litre, Tk155 at distributor level, and Tk158 at consumer level.
