Edible oil to cost more18 February 2021
Staff Reporter :
The government has increased the maximum retail prices for soyabean and palm oil with immediate effect to control the soaring trend of prices in the domestic market.
The National Committee on Daily Essential Commodity Marketing and Distribution has re-fixed the prices of edible oil, said Commerce Minister Tipu Munshi on Wednesday.
"The sale of edible oil at government-fixed prices must be ensured," the minister said at a press briefing after a meeting of the committee at Bangladesh Secretariat.
Tipu Munshi said soybean oil (loose) will be sold at Tk 107 per litre at mill gates, while its prices for distributors will be Tk 110 and that of retail Tk 115.
Besides, the price of per litre bottled soybean oil at mill gates has been fixed at Tk 123, while for distributors at Tk 127 and the retail price at Tk 135.
The price of five-litre bottled soybean oil has been set at Tk 590 at mill gates, while for distributors at Tk 610 and the retail price at Tk 630.
The price of per litre palm super oil (loose) will be Tk 95 at mill gates, while for distributors Tk 98 and the retail price will be Tk 104.
A litre of loose palm oil cost Tk 102-105 while soybean was sold at Tk 116-120 and bottled soybean oil at Tk 130-140 on Wednesday, data from state-run Trading corporation of Bangladesh (TCB) showed.
Compared to last year, loose palm oil price increased 42.76 percent and super one 37.66 percent.
Loose soybean prices soared 35.63 percent. Besides, bottled soybean oil prices rose 28.56 percent while five-litre bottled soybean went up 25.13 percent, according to TCB.
About the Ramadan market, the 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."
Munshi 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.
The prices of some essentials like edible oil, chickpea, fowl, brinjal and cucumber see a fresh hike ahead of Ramadan every year as Muslim devotees consume these items in a greater way during the fasting month. The holy month is expected to begin in mid-April.
Meanwhile, after announcing the re fixed retail prices of edible oils, the impact already shown in the markets.