December 7, 2010

Bangladesh sets maximum soyoil retail price

The government of Bangladesh has fixed loose soyoil retail price at BDT86 (US$1.22) in Dhaka region and BDT84 (US$1.19) per litre in Chittagong region, which will be implemented today, December 7.

The new price was fixed after a lengthy discussion of Commerce Minister Faruk Khan with oil refiners on Sunday (Dec 5).

Khan said that the price of soyoil which was spiralling without any valid reason was finally fixed. At best 15% can be added to the price of packed and bottled soyoil.

Faruk also informed that mill gate price of per litre loose soy was fixed at BDT83 (US$1.18) for Dhaka and its adjoining areas while BDT81 (US$1.15) for Chittagong and its adjoining areas.

Meanwhile, a seven-member committee led by Bangladesh Tariff Commission Chairman Mujibur Rahman has been formed to survey the domestic market and monitor the international market of edible oil. The committee is to submit report within 15 days.

The price of soyoil will be reviewed based on the committee report. After review the price can be lowered or increased from the rate fixed Sunday (Dec 12), said the minister.

Replying to a question, he said the committee will sit regularly, at least once a month to review the price and check manipulation of the market and price of soyoil.