Edible oil prices fall for lower import cost

Refiners in Bangladesh have reduced the prices of soybean oil and palm oil as import costs decreased in line with the global market situation.

The Bangladesh Vegetable Oil Refiners' and Vanaspati Manufacturers' Association, an association of mill owners, said the new prices will come into effect from today.

As per a press release from the association, the price of one-litre bottles of soybean oil has been reduced by Tk 10 to Tk 179, down by some 5 per cent.

Similarly, the price of loose soybean oil was decreased by Tk 8, or roughly 5 per cent, to Tk 159 per litre.

Meanwhile, the price of five-litre bottles of soybean oil was reduced by Tk 43 to Tk 873.

Likewise, the price of palm oil has been decreased by Tk 5 per litre to Tk 128, as per the press release.

Bangladesh requires about 20 lakh tonnes of edible oil each year, shows data from the commerce ministry.

Only 2.03 lakh tonnes of this requirement can be sourced from local producers while the rest is met through imports.