Govt to increase edible oil prices

The government has decided to raise the prices of edible oils following a meeting held on Monday at the Secretariat between Commerce Adviser Sheikh Bashiruddin and representatives from the business community.

According to sources, the prices of both loose and bottled soybean and palm oils have been increased. Business leaders had pushed for the hike, citing the need to align local prices with those in the international market.

Economists, however, note that while global edible oil prices fluctuate, their impact in Bangladesh often moves in the opposite direction, causing ongoing hardship for consumers of this essential commodity.

Business representatives explained that the international price of soybean oil has recently reached $1,200 per tonne per barrel. They added that the global market has seen an 18-20 percent increase in edible oil prices, with palm oil prices also trending upward. These developments prompted the proposal for price adjustments.