In response to declining international edible oil prices, Bangladesh’s refiners have announced a reduction in soybean and palm oil prices by Tk 5 and Tk 4 per litre, respectively. Effective from September 17, this decision by the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association will result in a new retail price of Tk 169 for a litre of soybean oil, down from the previous Tk 174.
Non-branded palm oil will also witness a price decrease, with a litre now retailing at Tk 124 compared to Tk 128. Consequently, a five-litre can of soybean oil will be available for Tk 825, a reduction from its previous price of Tk 850. This price adjustment is critical when Bangladesh grapples with a steep rise in inflationary pressures, mainly driven by food inflation. In August 2023, the overall inflation rate surged by 23 basis points to reach 9.92 percent, with food inflation reaching a 12-year high, registering a remarkable increase of 278 basis points to reach 12.54 percent, marking the highest level since October 2011, as reported by the Bangladesh Bureau of Statistics.
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