The government on Wednesday raised the retail price of bottled soybean oil by 5 taka per litre to 204 taka, citing higher international prices and increased import costs. 

Prices of loose soybean oil and palm oil, however, remain unchanged.

The decision was taken at a meeting between the Ministry of Commerce and edible oil traders.

Speaking to journalists at the ministry after the meeting, Commerce Secretary Md Ataur Rahman Khan said importers had sought a price increase due to rising global edible oil prices and transportation costs.

“Considering the market situation, the government has decided to make a limited price adjustment. The price of bottled soybean oil has been increased from 199 to 204 taka per litre,” he said.

Traders proposed a larger increase, while the Bangladesh Trade and Tariff Commission recommended raising the price by 10 taka per litre. The government opted for the smaller adjustment, taking into account consumer interests and overall market conditions, the secretary said.

He said the domestic market currently has an adequate supply of edible oil, with no shortage reported. The government is also monitoring the market regularly to maintain stability.

Asked whether prices could rise again before Ramadan, Ataur said any further adjustment would depend on international prices, import costs and the supply situation at the time.

On whether the latest increase, following approval of a new pay structure and a rise in sugar prices, could add to inflationary pressure, he said the government had not identified any significant new factor driving inflation.

“The government has taken various measures to keep overall inflation under control,” he said.