The government on Tuesday raised the prices of edible oil, setting the new rate for packaged soybean oil at Tk 189 per litre—an increase of Tk 14 a litre.

The prices of both unpackaged soybean oil and palm oil have been set at Tk 169 per litre.

Commerce adviser Sheikh Bashir Uddin announced the new pricing structure during a press briefing following a review meeting held at the Bangladesh Secretariat.

The meeting discussed the overall situation concerning the import and supply of edible oils in the country.

According to the adviser, the price of packaged soybean oil has been increased by Tk 14 per litre, and the price of unpackaged soybean oil has gone up by Tk 12 per litre.

These adjustments were made in line with global market trends and the recommendations of the Bangladesh Trade and Tariff Commission, he said.

Acknowledging the potential inconvenience to consumers, the commerce adviser said that the price hike is temporary.

He said that efforts were being made to enhance competition in the market by involving more traders, which could lead to a reduction in prices over time.

To bolster domestic supply, two oil companies have already begun production and six to seven more are expected to start operations shortly, the adviser said.

The last price hike for packaged soybean oil was implemented on December 9, 2024, when the rate was raised to Tk 175 per litre.

In an effort to stabilise prices, the government had previously reduced the Value Added Tax on the import of both refined and crude soybean and palm oils from 15 per cent to 5 per cent.

VAT exemptions were also granted at the local production and distribution stages, although this relief period expired on March 31, 2025.