EDIBLE OIL PRICE: Refiners want hike, ministry to meet businesses tomorrow
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has requested a Tk 10 per litre hike in soya bean and palm oil prices, citing an 18% rise in global soybean oil prices and higher import costs. The country relies entirely on imports to meet its 2.5 million-tonne demand.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has submitted a proposal to the commerce ministry, seeking price hikes of soya bean oil and palm oil.
Leaders of the association said that they were expecting a meeting with the commerce ministry tomorrow to discuss the proposal.
The association wants a Tk 10 a litre increase in prices of soya bean oil and palm oil, claiming that import prices of the edible oils have recently increased, said commerce ministry officials.
The officials said that the proposal had been examined by the Bangladesh Trade and Tariff Commission, a statutory body.
The association leaders claimed that the price of a tonne of soya bean oil on the international market had increased by about 18 per cent. The price of palm oil is also increasing, they claimed.
The country is totally dependent on imports to meet the demand for about 2.5 million tonnes of soya bean and palm oils.
The businesses imported edible oils worth $218 million in July 2025, up 16 per cent on the imports of the items worth $187 million in July 2024.
In August, the government set the price of a litre of palm oil at Tk 150 from previous Tk 169 set in April.
The price of soya bean oil has remained unchanged at Tk 189 since April.
The businesses said that 1 per cent import tax on source for the import of edible oils was also affecting the prices of the items.
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Source : NewAge
