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Edible oil prices up by Tk 6-10 per litre

| Updated: December 30, 2019 10:40:35


Edible oil prices up by Tk 6-10 per litre

Edible oil prices increased notably last week affecting the consumers further.

But onion prices declined while fish, indigenous and sonali (Pakistani) chicken, farm egg prices rose during the period.

Both loose and bottled soybean oil prices increased by Tk 6.0-Tk 10 a litre in the last seven days.

Most of the companies started supplying bottled oil with new price tags from Wednesday evening, said grocers.

Bottled soybean of Teer, Pusti and Bashundhara brands was sold at Tk 108- Tk 110 a litre on Thursday against Tk 98-Tk 100 a litre earlier.

Previously-bottled Rupchanda soybean oil, a brand of Bangladesh Edible Oil Ltd (BEOL), was sold at Tk 110 a litre while their new bottle would be sold at Tk 117, Fuhad Hossain, a grocer at Madhu Bazar, Dhanmondi-15, said.

Mr Hossain said few grocers had old stocks which would lest for few more days and then they would have to purchase bottles with new price tags.

Loose soybean oil prices increased to Tk 90-Tk 92 a litre while super palm reached Tk 78-Tk 80, palm oil normal Tk 76-Tk 77 a litre on Thursday, up by Tk 6.0-7.0 in a week, said Hossain.

The state-run Trading Corporation of Bangladesh (TCB) recorded 4.0 to 13.5 per cent hike in edible oil prices in the last seven days.

Asked, Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers Association secretary Nurul Islam told the FE that depreciation of the Bangladesh taka (BDT) against the US dollar and an increase in the global prices forced them to raise the prices.

He said it cost them Tk 90.5 to Tk 91 for dollar against Tk 84-Tk 85 even three months back.

He said the government is realising 5.0 per cent Advance Tax (AT) from them from this financial year while they are paying VAT in three stages-import stage, production stage and marketing level.

He said, "We sent a proposal to the Bangladesh Tariff Commission last month to raise the price of edible oil".

Asked, member (trade remedies) of the Tariff Commission Dr Mostafa Abid Khan said they made a review and sent a proposal to the commerce ministry in this regard.

He said they made a proposal to adjust the prices considering the global trend.

"We have also made a proposal to realise VAT just one time instead of the present three stages," he added.

He said the country has a good stock of the essential commodity now.

An official at the commerce ministry said a meeting might be held on the matter at the ministry on December 29.

According to the commerce ministry, the country's annual demand for edible oil is 2.2 million tonnes, of which it imports 1.9 million tonnes.

Prices of onion declined by Tk 10-Tk 20 in a week thanks to a rise in the supply of local onion .

Local newly harvested onion was sold at Tk 90-110 a kg at the retail level on Thursday.

Imported varieties were sold at Tk 50-Tk 90 a kg based on quality.

Prices of local and Sonali chicken increased by Tk 20-Tk 50 a kg which traders attributed to the upcoming New Year Eve. Local chicken was sold at Tk 480-Tk 600 and Sonali at Tk 240-Tk 270 a kg.

Farm egg prices increased to Tk 34-36 every four pieces from Tk 32-Tk 34.

Prices of most of the fish increased by Tk 20-Tk 100 a kg in the last seven days.

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