CAB urges govt to readjust edible oil prices

Consumers Association of Bangladesh (CAB) has urged the government to readjust edible oil prices in the country following their continuous downward trend in the international market.

SM Nazer Hossain, Vice-President of the CAB central committee made the call through a statement on Saturday.

In the statement, Nazer said Bangladesh Trade and Tariff Commission (BTTC) should readjust the prices of edible oil as the price of this daily essential is decreasing regularly in the international market. 

He also blamed the BTTC for its reluctance every time for the edible oil price adjustment.

Alleging that BTTC only works for the interest of the businessmen, the CAAB vice president said, when prices of edible oil go up in the international market, BTTC raises the price in the local market. But when, price decreases in the international market, it does not show interest to readjust the prices.

The statement said the prices of edible oil went ups and down five times from October last year to June this year, while Bangladesh has hiked the oil price in three phases.

On May 5, 2022, the government approved a fresh hike in the prices of soybean and palm oil by Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers Association on grounds of an increase in the global market.

BVOVMA fixed bottled soybean oil at Tk 198 per litre while loose soybean oil at Tk 180 per litre.

It means bottled soybean oil price increases by Tk 38 per litre and loose soybean oil price up by Tk 44 per litre.