Edible oil prices re-fixed
The government yesterday re-fixed the price of edible oil by increasing taka four per litre effective from today.
Members of government's price fixation committee and commerce ministry officials say the fresh hike, second time in 17 days, comes due to a price hike of the item in the international market.
The decision came in a meeting with the refiners and importers at the commerce ministry chaired by Ghulam Hossain, secretary of the ministry.
As per the decision, a litre of bottled soybean oil will cost consumers Tk 103 in Dhaka and Tk 102 in Chittagong.
The mill gate price of loose soybean oil has been fixed at Tk 88 per litre and palm oil at Tk 84 in Dhaka. In Chittagong, it is Tk 87 and 83.
At consumer level, price of loose soybean oil is Tk 90 per litre and palm oil Tk 86 in Dhaka. The price is Tk 89 and 85 in Chittagong.
The new price will be effective for next 15 days.
Announcing the price, AK Azad, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), said private importers feel discouraged to import edible oil, as the international market is volatile.
“Prices of edible oil have gone up in the international market. Edible oil was sold at $1,320 per tonne on the international market today [yesterday]. Businessmen feel discouraged if prices of oil are capped,” Azad said at a press conference at the commerce ministry.
On December 5, the commerce ministry fixed the price of loose soybean oil at Tk 86 per litre in Dhaka and Tk 84 in Chittagong at consumer level. The price of bottled oil was fixed at Tk 99 in Dhaka and Tk 97 in Chittagong.
“The new price will come into effect from tomorrow [today] and will continue for the next 15 days. The committee will again fix the price after that,” said the FBCCI president.
He said members of consumers' rights protection department and mobile courts will monitor the markets for checking any price manipulation.
The commerce ministry secretary said the committee will sit every 15 days given the volatility of the price on international market.
“So, we need to sit frequently for controlling the unusual price hike of the item in local market,” he said.
Mujibur Rahman, chief of the seven-member edible oil price fixation committee, said they tried to develop a common procedure in determining the new price.
Rahman, chairman of Bangladesh Tariff Commission, said the new prices have been fixed on the basis of import price of edible oil a month ago. Last month, the price was $1,004 per tonne.
The profit has been fixed at one taka per litre, he said, adding, other costs like loading and unloading, transport and value added tax have also been considered in fixing the new price.
“We also have to monitor the supply level of edible oil so we do not face any crisis in the local market,” he noted.
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