Oil price ups by Tk 8 per liter

Staff Correspondent: The country’s oil refiners have held a meeting with the Commerce Ministry two days after the recent hike in edible oil prices by Tk 8 per liter. After the meeting, Commerce Minister Tipu Munshi told reporters that the price of edible oil is not rising at present. But for two-three days, various domestic companies are supplying more expensive oil in the market.
Shakhawat Hossain, owner of Messrs Hossain Store in Moulvibazar, Old Dhaka, told that last week, the retail price of 5 liters of bottled soybean oil was Tk 760. At present it has been increased to Tk 800. In other words, the price of oil has increased by Tk 8 per liter. Due to which the price of open oil in the market has also increased from Tk 5 to Tk 8 per kg.
Meanwhile, a source in the Ministry of Commerce said that the refining companies had proposed to the Ministry of Commerce to increase the price by Tk 12 per liter. Later, after a meeting with the ministry, a proposal to increase the price by Tk 8 per liter was accepted.
However, without approving the proposal, the oil company will supply oil to the market at an increased price on January 18. Then on 19 January a meeting was held with the owners and representatives of the oil company under the chairmanship of Commerce Minister Tipu Munshi. After the meeting, the Commerce Minister said, “Edible oil prices are not rising at present. The price of edible oil will be rescheduled on February 6 or 7 after reviewing the international market situation and related situation.
However, AHM Safiquzzaman, Additional Secretary, Ministry of Commerce (Import and Domestic Trade), said that no approval has been given by the ministry to increase the price of edible oil. If you want to know why the price was increased then you have to ask the local oil refineries.
Asked about this, Citigroup director Biswajit Saha told: However, the current price will be revised on February 8. Meanwhile, the price of bottled soybean oil has gone up from Tk 5 to Tk 8 per kg before the supply of bottled soybean oil increased due to rising prices in the market.
In this context, an employee of Sonargaon Store of Karwan Bazar Kitchen Market said that even a week ago, the price of soybean oil was Tk 150-152 per kg. It is being sold at Tk 156- Tk160 on January 23. And Tk 140 super palm oil Tk 145 is being sold.
According to the Trading Corporation of Bangladesh (TCB), the price of open soybean oil was Tk 140-145 per liter a month ago. It is being sold on January 23 at Tk 155-160. TCB has also increased the price of two liters to Tk 220 per liter from Tk 10 per liter last month. Its current price in the market is Tk 310.
On Monday (January 24), Karwan Bazar, New Market and Hatirpool Bazar were visited, with soybean oil being sold at Tk 180 to Tk 175 per liter per bottle. Two-literTk 310 to Tk 315 and five-liter Tk 695 to Tk 610.
Soybean oil prices will rise further in the coming weeks, said some retailers and wholesalers in these markets. The people working in the sales of different companies said these things, the traders said. Due to which, they are stockpiling oil for the next 15 days, but some big traders said.