Commerce Adviser SK Bashir Uddin on Tuesday said businesses have increased edible oil prices without the government’s approval, which is beyond their authority.
“The government has not raised edible oil prices, nor has it given any permission to businesses to do so. Businesses do not have the authority to increase prices without the ministry’s approval. If there are price discrepancies, the government will take necessary measures,” he said while speaking at an event in Purbachal on the recent hikes in soybean and palm oil prices.
On Monday, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association claimed that the new prices were set in consultation with the Ministry of Commerce and aligned with international market rates.
Bashir Uddin, however, clarified that no such approval was granted by the ministry.
According to the new rates set by businesses, bottled soybean oil has increased by Tk6 per litre to Tk195, while loose soybean oil went up by Tk8 per litre to Tk177.
Besides, a 5-litre bottle of soybean oil now costs Tk945 after a Tk23 hike, and loose palm oil has been raised by Tk13 per litre to Tk163.
