Bangladesh : Tariff Commission proposes increase in soybean oil price
Soybean oil prices in Bangladesh may rise, as BTTC recommended increasing bottled oil to Tk198.27 per litre due to higher LC costs and a stronger dollar. Loose oil would rise to Tk177.85. International refined soybean oil prices have climbed to $1,062 per tonne, with bottled oil already up 14% year-on-year.
The Bangladesh Trade and Tariff Commission (BTTC) has recommended increasing the price of soybean oil by Tk9.27 per litre, citing rising LC costs, in-bond and ex-bond charges, and the surge in the US dollar exchange rate.
The recommendation, announced in a press release on Monday, suggests adjusting the retail price of bottled soybean oil from Tk189 to Tk198.27 per litre. The open (loose) soybean oil price has also been proposed to rise by Tk8.85 to Tk177.85 per litre.
The commission noted that during the last price adjustment on 27 July, the price of bottled soybean oil was set at Tk189 per litre, effective from 3 August. However, global market fluctuations and dollar appreciation have pushed LC costs higher.
As of early November, the international price of refined soybean oil reached $1,062 per tonne, while palm oil stood at $1,037 per tonne.
According to the Trading Corporation of Bangladesh (TCB), the price of bottled soybean oil has risen by 14% over the past year.
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Source : Daily Sun
