Rumors of Soybean and Palm Oil Price Hike; Meeting at Ministry of Commerce Today

 PNN News Desk | Dhaka:

Confusion has arisen among the public regarding a potential price increase for soybean and palm oil in Bangladesh. In this context, the Ministry of Commerce may hold a meeting on Thursday (16 October) with relevant stakeholders. The meeting will discuss whether prices will be increased and, if so, by how much, according to the ministry.

On 13 October, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association issued a notice announcing a price hike for soybean and palm oil, which created public confusion. However, the government did not act on this notice. On 14 October, Commerce Adviser Sheikh Bashiruddin told journalists that the government had not raised edible oil prices and urged the public not to be misled.

According to the Ministry of Commerce, the new prices have not been implemented, and edible oils are still being sold at the previous rates in the retail market. The bottled soybean oil price remains Tk 189 per liter, as before, though the notice suggested it could rise to Tk 195. Loose soybean oil is currently Tk 169 per liter, with the proposed price being Tk 177. Similarly, the palm oil price hike announced earlier has not yet taken effect.

It is reported that factory owners producing edible oil had been trying to raise prices for several months. On 22 September, a meeting was held under Commerce Adviser Sheikh Bashiruddin with relevant stakeholders. After the meeting, the ministry noted that the price hike proposed by factory owners was significantly higher than international market rates.

Meanwhile, no decision has been made yet to raise retail prices, and the public has been advised to remain vigilant and not be misled.