Commerce Adviser Sheikh Bashir Uddin on Tuesday assured that the recent hike in soybean oil prices is a temporary adjustment, driven by international market trends and the government’s fiscal policies.
He explained that the price increase aligns with rising global prices, coupled with the government’s decision to gradually reduce subsidies and enhance revenue collection.
“Prices are expected to ease soon as supply improves and market competition increases,” the adviser told reporters. To stabilise the market, he said two local oil companies have already begun production, while another six to seven companies are set to start operations shortly, which will help boost the domestic supply of edible oil.
As of yesterday, the price of bottled soybean oil has risen to Tk 189 per litre, up from Tk 175. Meanwhile, the price of loose soybean oil has climbed by Tk 12 to Tk 169 per litre.
The government is closely monitoring the market situation and taking necessary steps to prevent any artificial crisis, the adviser added.
