Dhaka, Bangladesh (BBN) – Prices of edible oil spiked again on Friday in the market as traders say a weakening local currency against the US dollar pushed up imports costs.
The Bangladesh Taka (BDT) lost its value against the US currency by more than 15 percent in 2011, treasury officials said.
But customers alleged that a section of profit-monger traders deliberately raised oil prices, despite the fall in prices in the international markets. They called upon the government to take steps so that prices of soybean could come down.
Per litre soybean was sold between BDT 128 and BDT 130 on Friday while another variety known as ‘super’ was sold at BDT 105 and palm oil at BDT 96. Last week, the prices of soybean and ‘super’ were BDT 126 and BDT 100 per litre respectively.
Different brands of five litre canned soybean such as Rupcanda was selling at BDT 635 while Teer brand at BDT 625.
The prices of soybean went up by 20.59 percent over the last one year, according to data prepared by the state-run Trading Corporation of Bangladesh (TCB).
BBN/SSR/AD-14Jan12-11:07 am (BST)