In response to the downward trend in international markets, the government announced today (June 11, 2023) a reduction in the prices of edible oil. Tapan Kanti Ghosh, Senior Secretary to the Ministry of Commerce, confirmed the decision during the 7th meeting of the ‘Task Force on Review of Commodity Prices and Market Situation’ held at the Ministry of Commerce’s conference room in the Secretariat.
Bottled soybean oil will now be priced at Tk 189 per liter, reflecting a reduction of Tk 10, while loose soybean oil will cost Tk 167 per liter. Similarly, the price of palm oil has been lowered by Tk 2 per liter to Tk 133, as stated by the senior secretary.
The price adjustments are expected to take effect within a few days, providing much-needed relief to consumers. Senior Secretary Tapan Kanti Ghosh emphasized that today’s meeting addressed various issues, including soybean oil, onion, ginger, and garlic prices, as well as the current import situation.
“We have already taken steps to reduce onion prices through import decisions,” he stated. Additionally, he mentioned the possibility of further reduction in edible oil prices within the next 15 days, aligning with the global price decline.
According to the Ministry of Commerce, the country’s annual demand for edible oil stands at 20 lakh tonnes, with approximately 3 lakh tonnes required during the holy month of Ramadan alone. While 200,000 tons are produced domestically, the rest is imported.
The recent move by the government aims to alleviate financial burdens on consumers and foster stability in the edible oil market, aligning prices with global trends.
