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Soybean oil price may go up again

Published : 05 Nov 2022 09:54 PM | Updated : 06 Nov 2022 03:56 PM

The price of soybean oil may go up from today (Sunday) as Bangladesh Tariff Commission (BTC) is considering a proposal for hiking edible oil price due to a rise in price in international market and production costs.

Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association (BVORBMA), the association of owners of edible oil refining and marketing companies, submitted a proposal on Tuesday to Commerce Secretary Tapan Kanti Ghosh to raise soybean oil price by Tk 15 per litre, urging the government to readjust the prices by Sunday.

The oil refiners argued that traders will count losses due to higher production costs, and price hikes in the global market if soybean oil price is not adjusted.

Earlier, after a meeting with Salman F Rahman, Private Industry and Investment Adviser to the Prime Minister on October 3, the association reduced the prices by Tk 14 a litre. The price of a litre of unbottled soybean oil was set at Tk 158, a one litre bottled oil at Tk 178, and a 5-litre bottle at Tk 880.

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