Cooking Oil Price Has Not Increased; No Right to Raise Price Without Ministry Approval: Trade Adviser

Staff Reporter | PNN:

The government has not raised cooking oil prices, said Trade Adviser Sheikh Bashiruddin. He made the comments on Tuesday (October 14) while speaking to journalists in Purbachal, Dhaka, regarding the issue of soybean and palm oil price increases.

The Trade Adviser stated, “Businessmen have no authority to raise cooking oil prices without the approval of the Ministry. If anyone changes the price without approval, the government will take necessary action.”

Earlier, on October 13, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association issued a press release announcing a price hike for cooking oil. The release stated that the new prices were determined after discussions with the Ministry of Commerce and in alignment with international market trends, and were set to take effect from October 14.

According to the announcement, the prices were set as follows: bottled soybean oil increased by BDT 6 per liter to BDT 195, loose soybean oil increased by BDT 8 to BDT 177, 5-liter bottled oil increased by BDT 23 to BDT 945, and loose palm oil increased by BDT 13 to BDT 163.

However, visits to various markets in Dhaka on Tuesday revealed that soybean oil was still being sold at the previous prices. Many shopkeepers said they had not yet received the new price lists.

Meanwhile, consumers expressed frustration over the price hike news. They said that although international market prices have been relatively stable, frequent price increases in the country are causing hardship.