The government today set the prices of edible oil in the local markets to tame the skyrocketing price in the domestic markets, and to curb price manipulation by a section of unscrupulous traders.

The new prices will come into effect immediately, Commerce Minister Tipu Munshi said when he was briefing journalists after a meeting with major importers, traders, wholesalers and government high-ups at his secretariat office in Dhaka.

The price of loose soybean oil has been set at Tk 115 per litre at consumer level, Tk 110 per litre at distributor level, and Tk 107 per litre at the mill gate.

Munshi said price of bottled soybean oil has been set at Tk 135 per litre at consumer level, Tk 127 per litre at distributor level and Tk 123 per litre at the mill gate.

Price of five litre bottled soybean oil has been set at Tk 630 at consumer level, Tk 610 per litre at distributor level and Tk 590 per litre at the mill gate level.

Price of palm oil has been set at Tk 104 per litre at consumer level, Tk98 per litre at distributor level and Tk 95 per litre at mill gate, the minister said.

Munshi blamed the price hike of edible oil on the international markets and abnormal rise in transportation costs of goods.

The minister also said the price of edible oil will be revised again after 15 days.

If prices of edible oil come down in the international markets, the prices would also be lowered in the domestic markets.