Bottled soybean oil price rises Tk 5 per litre

The price of bottled soybean oil has been raised by Tk 5 per litre in domestic market, taking the new retail price to Tk 204. The price of palm oil, however, has remained unchanged.

The decision was taken on Wednesday (September 2) following a meeting between the Commerce Ministry and edible oil traders to review the latest market situation, including international edible oil prices and import costs.

Under the revised rate, consumers will have to pay Tk 204 for a one-litre bottle of soybean oil, up from Tk 199 previously.

The latest increase comes just months after the price was raised by Tk 4 per litre on April 26, when the price rose from Tk 195 to Tk 199.

Industry stakeholders said domestic soybean oil prices are closely linked to international market trends and import costs, as a significant portion of the country’s edible oil demand is met through imports.

They said fluctuations in the prices of raw materials and related products in the international market directly affect import expenses, prompting periodic adjustments in domestic prices.

The latest increase means the retail price of bottled soybean oil has crossed the Tk 200 mark for the first time under the current pricing structure, adding further pressure on household budgets.

As soybean oil is a daily essential, the price hike is likely to put additional strain on consumers, particularly low- and middle-income households.

Meanwhile, palm oil prices have been kept at their existing levels. The impact of the latest soybean oil increase on the broader edible oil market and consumer spending will be closely watched.