Edible oil prices to climb in Bangladesh
Bangladesh’s interim government will raise edible oil prices after global rates surged 18–20%. Commerce adviser SK Bashir Uddin and traders agreed to the hike at a Bangladesh Secretariat meeting. Exact adjustments for loose and bottled soybean and palm oil will be announced soon. Global soybean oil now costs \$1,200/tonne.
Bangladesh interim government has decided to raise the prices of edible oil in response to rising international rates, officials said on Monday.
The move was agreed at a meeting between commerce adviser SK Bashir Uddin and traders at Bangladesh Secretariat, the officials said.
The prices of both loose and bottled soybean and palm oil have been increased, with traders expected to announce the exact adjustment later.
Traders had been pressing for a revision, citing an 18-20 per cent surge in global soybean and palm oil prices.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association said the international price of soybean oil has reached $ 1,200 per tonne.
The latest decision comes after palm oil prices were cut by Tk 19 to Tk 150 per litre on August 12, while soybean oil remained at Tk 189 per litre.
In April, the government set soybean oil at Tk 189 and palm oil at Tk 169 per litre
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Source : NewAge
