Soybean oil price goes up again

The price of soybean oil has increased once again, despite the commerce minister’s recent suggestion that they were about to ease.

The Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers Association set the new prices on Thursday, the same day as the national budget.

According to the new rates, the price of a 1-litre bottle of soybean oil has increased from Tk 198 to Tk 205.

The price of a 5-litre bottle rose from Tk 985 to Tk 997.

The price of soybean oil without a bottle rose from Tk 180 to Tk 185 per litre.

But the price of palm oil fell from Tk 172 to Tk 158 per litre.

As the world was emerging from the pandemic, the war in Ukraine sent soybean oil prices skyrocketing on the world market.

A month ago, the price of a litre of soybean oil was hiked Tk 40. The price had gone up in February too.

On Jun 2, Commerce Minister Tipu Munshi said the price of cooking oil would not rise further, but would ease instead.

Within a week of the remark, prices have gone up again.