Refiners reduce edible oil prices by Tk 4 per litre to Tk 149 thedailystar.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thedailystar.net Daily Mail and Mail on Sunday newspapers.
The 5 per cent regulatory duty imposed on the import of rapeseed may cause the price of mustard oil to shoot up and go beyond the purchasing power of consumers, millers said.
The hike will affect the consumers at a time when low and middle-income people are already struggling to afford soybean oil, whose price has gone up five times in the last five months, and other essential items.
While placing the budget for 2021-22 in parliament on June 3, Finance Minister AHM Mustafa Kamal imposed the regulatory duty on the import of rapeseed or mustard seed.
The import duty on oil cake, a feed that is produced during the extraction of mustard and sunflower oil, has been cut, a move that will hurt the domestic industry, said millers.
The price of soybean oil goes up again in the country today, with each litre to be sold for Tk 153, up from the previous price of Tk 144 set barely two weeks ago. With this latest hike, the price of the essential cooking ingredient has gone up five times in the last five months. The price of each litre of bottled soybean oil has soared by Tk 38 (33 percent) since December 30
Processors hike edible oil prices again Star Business Report Star Business Report
Processors have hiked edible oil prices to Tk 153 per litre, over a 6 per cent increase from the current price.
Now, consumers will have to pay Tk 9 more than the existing price of Tk 144 to buy a litre of branded canned soybean oil.
As per the new rate, the price of five-litre branded bottled soybean oil has been fixed Tk 728, Tk 43 up from the current price of Tk 685, while the price of loose soybean oil at Tk 129 per litre, Tk 7 up from the existing price rate.
However, the price of loose palm oil has been reduced to TK 112 per litre from Tk 113.