Prices will come into effect immediately, says Commerce Minister Tipu Munshi

The Bangladesh government has fixed the prices of soybean and palm oils in a bid to rein in the chaos in kitchen markets.

The commodity pricing committee set the retail price of loose soybean oil at Tk115 per litre, bottled soybean oil at Tk135 per litre and palm super oil at Tk104 per litre. 

The decision was taken at a meeting of the committee at the Commerce Ministry on Wednesday, reports Bangla Tribune. 

After the meeting, Commerce Minister Tipu Munshi, who is also the president of the committee, told reporters: “The prices will come into effect immediately.”

According to the decision of the commodity pricing committee, from now on, loose soybean oil will be sold at Tk107 per litre at mill gates, Tk110 per litre at the distributor level and Tk115 at the retail level.

Bottled soybean oil will be sold at Tk123 per litre at mill gates, Tk127 at the distributor level and Tk135 at retail. Besides, five-litre bottles of soybean oil will be sold at Tk590 at mill gates, Tk610 at distributor lever and Tk630 at the retail level. 


Also read - No respite from daily essentials’ upward prices


Meanwhile, the committee fixed the price of palm super oil at Tk95 at mill gates, Tk98 at the distributor level and Tk104 at retail.

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About the Ramadan market, the commerce minister said: “Enough stock of daily essentials should be ensured to avoid any scarcity considering the upcoming Ramadan. The government will provide all kinds of support in this regard.”

He said the price of edible oil has gone up in the international market and the prices will be adjusted regularly in line with the international market rates, as reported by UNB. 

The prices of some essentials like edible oil, chickpea, fowl, aubergine and cucumber see a fresh hike ahead of Ramadan every year as Muslim devotees consume these items more than usual during the fasting month. The holy month is expected to begin in mid-April.

Several officials of the concerned ministries and representatives of edible oil mill owners attended the pricing meeting. 

The decision comes at a time when customers are feeling the heat due to the upward trend in prices of many daily commodities including edible oil, rice and vegetables. 

Visiting several kitchen and wholesale markets in Dhaka on February 5, it was found that bottled soybean oil was selling at up to Tk140 a litre, the highest retail price to date. It was available at around Tk100 even a few months ago.

The highest price of five-litre jars containing soybean oil was Tk685 at the retail level. Most brands recently raised the prices at different ranges.

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