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Soybean oil price cut by Tk 6 per litre


Published : 26 Jun 2022 09:59 PM | Updated : 27 Jun 2022 03:56 PM

Following the commerce secretary’s announcement price of soybean oil has been reduced in the country due to fall in prices in global market.

The price of soybean oil in the country’s market has come down to Tk 6 per liter. 

Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association, an association of edible oil traders, announced the price cut on Sunday. 

After 17 days the price of soybean oil has been reduced by Tk 6 per liter to Tk 199. The new prices will be effective from Monday (June 27).

This information was confirmed in a press release signed by the executive officer of the organization Nurul Islam Mollah on Sunday afternoon. The price of one liter loose soybean oil has been fixed at Tk 180 and a 5 liter bottle of soybean oil at Tk 980.

Earlier, Commerce Secretary Tapan Kanti Ghosh said, “We are now calculating the price of oil, a reflection of this will be visible in the next couple of days. It can be said that oil prices will come down. However, the calculation of how much will be reduced is going on”. 

He said this while responding to a question at a press conference on the sidelines of the 12th Ministerial Conference of the World Trade Organization (WTO) at the Commerce Ministry's conference room at the Secretariat on Sunday.  

He said, “The Tariff Commission would sit down with the mill-owners or representatives with initial information. An announcement will be made after receiving the report from there.”

 “The price of soybean oil has come down in the international market, he said adding that the oil has come to us from Paraguay, Brazil and Argentina. It takes at least 45 to 60 days for oil to arrive from there. There is a time gap here, so even if you want, the price in the country’s market cannot be reduced immediately,” he added.  

Tapan Kanti Ghosh said, “The gap of this time has to be taken under consideration. But the good news is that some oil is coming from Indonesia now, it will take 15 to 20 days to come from there too. It should be kept in mind that the price has come down in the international market and the dollar has also gone up. Pricing will be determined by combining these two factors.” 

The secretary further said, “There is a bitter relationship between the buyers and the sellers. The seller always wants to sell at a higher price, and the buyer wants to buy at a lower price. The supply of any product determines the price of the product, this is the normal rule.”

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