What the Trade Advisor said about the increase in soybean oil prices

Trade Advisor Sheikh Bashiruddin has commented that the price of soybean oil in the domestic market has been increased by reducing the government’s subsidy to increase revenue collection and in line with international market prices. However, this price increase is temporary. He said that it will be possible to reduce the price in the near future by increasing supply and competition in the market.

A meeting was held at the Ministry of Commerce on Tuesday to review the overall issues including the import and supply of edible oil. The Commerce Advisor told reporters after the meeting.

Meanwhile, after a meeting with edible oil traders at the Secretariat today, the new prices of soybean oil and palm oil were announced. As per the decision, the price of soybean oil has been increased by Tk 14 per liter. As a result, from now on, bottled soybean oil will be sold at Tk 189 per liter.