Hold onto your wallets, because the cost of cooking just got a little more expensive! Edible oil prices in Bangladesh are on the rise, with soybean oil climbing Tk6 per litre and palm oil soaring a staggering Tk16. This means a litre of bottled soybean oil will now set you back Tk195, up from Tk189. But here's where it gets controversial: the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association claims these increases are necessary to align with international market prices, but the government isn't entirely convinced.
In a media statement released on December 7th, the association detailed the new prices: loose soybean oil is up Tk7 to Tk176 per litre, and a five-litre bottle of soybean oil now costs Tk955, a Tk33 jump. Palm oil has seen an even sharper rise, jumping Tk16 to Tk166 per litre.
The association insists these changes were made in consultation with the commerce ministry, but the timeline raises eyebrows. Back in November, refiners requested a price hike due to rising global rates, but they implemented the increase on November 24th without official approval. This sparked a warning from Commerce Adviser Sheikh Bashir Uddin, leading to a meeting between officials and traders on December 4th. After discussions, companies partially rolled back the increase.
And this is the part most people miss: under the Control of Essential Commodities Act 1956, producers, refiners, and importers must notify the commerce ministry at least 15 days before adjusting prices. Traders claim they followed these rules, but the government's response suggests otherwise.
This isn't the first time edible oil prices have been a point of contention. In June 2021, a high-level committee was formed to align prices with international trends. While they approved a price reduction in August due to falling global prices, companies attempted another unapproved increase in October, citing rising international rates. The commerce adviser swiftly condemned this move, forcing refiners to back down.
So, is this price hike justified, or are consumers being unfairly burdened? The debate continues, leaving many wondering who's truly calling the shots in Bangladesh's edible oil market. What do you think? Let us know in the comments below!
