Tariff Commission recommends raising the price of soybean oil
The Trading Corporation of Bangladesh (TCB) reports that the price of bottled soybean oil has increased by 14% over the past year.
The Bangladesh Trade and Tariff Commission (BTTC) has recommended a Tk9.27 per litre increase in the price of soybean oil, citing higher LC expenses, in-bond and ex-bond charges, and the rising US dollar exchange rate.
In a press release issued on Monday, the commission proposed adjusting the retail price of bottled soybean oil from Tk189 to Tk198.27 per litre. The price of open (loose) soybean oil has also been suggested to rise by Tk8.85 to Tk177.85 per litre.
The BTTC noted that the last price adjustment was made on 27 July, when the bottled soybean oil rate was fixed at Tk189 per litre, effective from 3 August. However, fluctuations in the global market and the dollar’s appreciation have since increased LC costs.
As of early November, the global price of refined soybean oil stood at $1,062 per tonne, while palm oil was priced at $1,037 per tonne.
According to the Trading Corporation of Bangladesh (TCB), bottled soybean oil prices have climbed 14% over the past year.
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