The retail price of bottled soybean oil has surged by Tk14 per litre, now selling at Tk189, following a decision by the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association. The price hike takes effect immediately, sparking concern among consumers already grappling with rising living costs.
The revised prices, announced in a press release on Sunday, come after several days of negotiations between edible oil producers and government officials. A five-litre bottle will now cost Tk922, up from Tk852. Prices of loose soybean and palm oil have also been raised to Tk169 per litre, an increase from Tk157.
This is the first adjustment since December 9, 2024, when the price of bottled soybean oil was set at Tk175 per litre.
Industry insiders revealed that mill owners had proposed the price hike as early as March 27—just before Eid—suggesting a Tk18 increase for bottled oil and Tk13 for loose oil. They aimed to implement the change from April 1, immediately after the government’s tax exemption on edible oil imports expired on March 31.
Despite multiple meetings held last week between mill owners, the Ministry of Commerce, and the Bangladesh Trade and Tariff Commission, no final decision was reached until Sunday. Discussions centered on whether the price would exceed Tk190 per litre.
Meanwhile, the Tariff Commission had recommended extending the tax waiver until June 30, but the National Board of Revenue has yet to respond.
The new prices are expected to add pressure on household budgets, especially following the recent Eid-ul-Fitr celebrations.
