Bangladesh edible oil producers propose soybean oil price hike

Edible oil production and refining companies in Bangladesh have proposed increasing the price of soybean oil by 14 BDT per liter. The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association submitted a formal request to the Ministry of Commerce and the Trade and Tariff Commission on October 13.

The association cited rising raw material costs in the international market, alongside increased domestic fuel and transportation expenses, as the primary drivers for the adjustment. According to the association, the price of raw materials per ton has risen from $1,300 to $1,325 over the last six months.

If approved, the maximum retail price for one liter of bottled soybean oil would rise from 204 BDT to 218 BDT. The price for a five-liter bottle would increase from 1,000 BDT to 1,070 BDT, and loose soybean oil would rise from 185 BDT to 199 BDT per liter. The Ministry of Commerce has not yet granted approval for the proposed changes.