The government has increased the retail price of bottled soybean oil by Tk 5 per litre, raising it to Tk 204 from Tk 199.
The decision was taken following a price review meeting between business representatives and Commerce Minister Khandaker Abdul Muktadir at the Ministry of Commerce on Wednesday.
Speaking to reporters after the meeting, the Commerce Minister said prices of various commodities have surged in the international market due to adverse global condition.
"For products where Bangladesh is entirely import-dependent, a price hike at the source directly impacts overall import costs. Since soybean oil is completely import-dependent, the increase in international market prices has inevitably affected our domestic market," the minister said.
Earlier this year on April 26, soybean oil prices were revised upward by Tk 4 per litre, raising the retail price to Tk 199 from the prior rate of Tk 195.