The government on Tuesday increased the price of edible oil by up to Tk聽14 a litre, setting the rate for packaged soya bean oil at Tk 189 a litre, while the prices of both unpackaged soya bean oil and palm oil were set at Tk 169 a litre.
Commerce adviser Sheikh Bashir Uddin announced the new price structure at a press briefing following a review meeting held at the secretariat in the capital Dhaka.
The meeting focused on the overall situation concerning the import and supply of edible oil in the country.
According to the adviser, the price of packaged soya bean oil has been increased by Tk 14 a litre and the price of unpackaged soya bean oil has been raised by Tk 12 a litre.
These adjustments were made in line with the global market trends and the recommendations made by the Bangladesh Trade and Tariff Commission, he said.
Acknowledging the potential inconvenience to consumers, the commerce adviser said that the price hike was temporary.
He said that efforts were underway to enhance competition on the market by involving more traders, which could lead to a reduction in prices over time.
To bolster the domestic supply, two oil companies have already begun production and six to seven more are expected to start operations soon, the adviser said.
The last price hike for packaged soya bean oil was implemented on December 9, 2024, when the rate was raised to Tk聽175 a litre.
In an effort to stabilise prices of edible oil in the country, the government had earlier reduced the value-added tax on import of both refined and crude soya bean oil and palm oil from 15 per cent to 5 per cent.
VAT exemptions were also granted at the local production and distribution stages.
The exemption period expired on March 31.
