Soybean oil price goes up at Tk12 per litre

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Dhaka, Feb 27: The price of soybean oil has been raised by Tk12 per litre following the price hike in the international market.

Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association made the announcement of price hike Sunday.

The association has sent a letter, signed by its Secretary Md Nurul Islam Molla, to Bangladesh Trade and Tariff Commission today.

Customers will have to pay Tk180 per litre of bottled soybean oil in retail, according to the new rates to be effective from 1 March as determined by the association.

The price of one litre loose soybean oil is fixed Tk143 and 5 litres bottled soybean at Tk870.

Besides, palm oil prices have been fixed at Tk150 per litre.

According to the manufacturers, oil prices in international market crossed $1,400 per tonne at the beginning of this month.

The oil refiners and manufacturers association said the price of soybean oil in the international market has risen to $1700-1725 per tonnes in last 20 days. That is why the companies are claiming that if the price is not increased, they will have to incur huge losses.