Refiners want Tk 15 per litre soybean oil price hike by tomorrow

Soybean oil prices may go up as Bangladesh Tariff Commission (BTC) is considering a proposal for hiking edible oil prices due to higher production costs.

Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association (BVORBMA), the association of owners of edible oil refining and marketing companies, has submitted a proposal to raise soybean oil price by Tk 15 per litre.

The oil refiners argued that traders will count losses due to higher production costs and price hikes in the global market if the soybean oil price is not adjusted.

The refiners submitted a letter last Tuesday to Commerce Secretary Tapan Kanti Ghosh, urging the government to readjust the prices by Sunday (tomorrow). The refiners made the proposal a month after lowering soybean oil price by Tk 14 a litre.

Also read: Soybean oil: No real effect of reduced tariff

Chief Executive of BVORBMA, Nurul Islam Molla, told UNB, the situation was described to the commerce secretary.

After a meeting with Salman F Rahman, the prime minister's adviser for private industry and investment on October 3, the association lowered the prices by Tk 14 a litre. The price of a litre of unbottled soybean oil was set at Tk 158, a litre bottle at Tk 178, and a 5-litre bottle at Tk 880.