The Bangladesh Trade and Tariff Commission (BTTC) has recommended increasing the price of soybean oil by Tk9.27 per litre, citing rising LC costs, in-bond and ex-bond charges, and the surge in the US dollar exchange rate.
The recommendation, announced in a press release on Monday, suggests adjusting the retail price of bottled soybean oil from Tk189 to Tk198.27 per litre. The open (loose) soybean oil price has also been proposed to rise by Tk8.85 to Tk177.85 per litre.
The commission noted that during the last price adjustment on 27 July, the price of bottled soybean oil was set at Tk189 per litre, effective from 3 August. However, global market fluctuations and dollar appreciation have pushed LC costs higher.
As of early November, the international price of refined soybean oil reached $1,062 per tonne, while palm oil stood at $1,037 per tonne.
According to the Trading Corporation of Bangladesh (TCB), the price of bottled soybean oil has risen by 14 percent over the past year.
bd-pratidin/GR
