Government has not increased edible oil prices: Commerce Adviser

The government has not increased the prices of edible oil, Commerce Adviser Sheikh Bashiruddin clarified on Tuesday. He emphasized that the recent price hike was determined entirely by business organizations.

Responding to journalists at an event in Purbachal, Dhaka, Sheikh Bashiruddin said the government had issued no directives regarding price changes.

On Monday, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association announced a price increase for all types of edible oil, citing rising international market prices. The association claimed the new rates were set in consultation with the Ministry of Commerce.

According to the announcement, the revised prices took effect on Tuesday. Bottled soybean oil now costs Tk 195 per liter, up from BDT 189. Loose soybean oil is priced at Tk 177 per liter, while palm oil is set at Tk 163 per liter. A 5-liter bottle of soybean oil is now Tk 945.

The announcement caused public confusion, with some assuming the government had raised the prices. Sheikh Bashiruddin clarified that the government is monitoring the situation and taking steps to prevent businesses from arbitrarily increasing prices.