TCB will continue selling soybean oil for Tk 110 per liter

The Trading Corporation of Bangladesh (TCB) will sell soybean oil at Tk 110 per liter even though the price of soybean oil has increased to Tk 198 per liter in the retail market. The company will further expand its activities to sell oil at lower prices.

As part of this, TCB will sell oil at a price of Tk 110 per liter to one crore cardholder families from next June. Tapan Kanti Ghosh, senior secretary at the commerce ministry, told reporters.

The Commerce Secretary said the government has taken up the plan to import soybean oil directly through TCB. Bangladesh's missions abroad have already been approached to purchase soybean oil through state-owned enterprises.

The government has also increased the price of edible oil in the country due to the increase in the price of soybean oil in the world market. However, the government is providing low cost soybean oil and other daily necessities to the helpless, poor and disadvantaged. One crore families are being assisted through TCB.

On May 5, the Bangladesh Vegetable Oil Refiners and Vegetable Manufacturers Association fixed the price of oil. The price of bottled soybean oil was increased by Tk 38 per liter to Tk 198. The price of open soybean oil was increased by Tk 44 per liter to Tk 180. The price has been effective in the market since May 7.

With this, the price of edible oil has been increased for the third time in last 4 months. Analysis shows that soybean and palm oil are among the consumer goods that have risen in price the most in the last four years. In 2019, the price of bottled soybean in the country's market was Tk 104 per liter. In 2020 it increased to Tk 113, in 2021 to Tk 130 and at the beginning of 2022 it came to 168 to 170. Now it is 185 to 190 Taka.

A liter of palm oil (open) was Tk 58 in 2019, Tk 78 per liter in 2020, Tk 107 in 2021 and Tk 150 in early 2022. Now it is Tk165.