Government did not raise edible oil prices: Bangladesh Commerce adviser
Commerce Adviser Sk Bashir Uddin stated that businesses in Bangladesh raised edible oil prices without government approval, which is unauthorized. Prices of soybean and palm oil jumped by Tk6–13 per litre on 13 October. The ministry clarified no permission was given, and necessary actions will be taken to address the discrepancies.
Commerce Adviser Sk Bashir Uddin today (14 October) said businesses have increased edible oil prices without the government’s approval, which is beyond their authority.
“The government has not raised edible oil prices, nor has it given any permission to businesses to do so. Businesses do not have the authority to increase prices without the ministry’s approval. If there are price discrepancies, the government will take necessary measures,” he said while speaking at an event in Purbachal on the recent hikes in soybean and palm oil prices.
Prices of edible oil were raised in the local market yesterday (13 October), with an increase ranging from Tk6 to Tk13 per litre.
The new prices will take effect tomorrow, according to a press release issued today by the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association.
The association claimed the new prices were set in consultation with the Ministry of Commerce and aligned with international market rates. However, Bashir Uddin clarified that no such approval was granted by the ministry.
According to the new rates set by businesses, bottled soybean oil has increased by Tk6 per litre to Tk195, while loose soybean oil went up by Tk8 per litre to Tk177.
Besides, a 5-litre bottle of soybean oil now costs Tk945 after a Tk23 hike, and loose palm oil has been raised by Tk13 per litre to Tk163.
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Source : The Business Standard
