Dhaka, Bangladesh (BBN) – The government has re-fixed the prices of soybean and palm oil following the price hike of the same in the international market. The new prices will come into effect in the local markets from Thursday.

The decision of the government came at a meeting at the conference room of the commerce ministry on Wednesday with Commerce Secretary Gulam Hussain in the chair.

Under the decision, per liter mill gate rate of soybean oil in Dhaka will be BDT 88 while in Chittagong BDT 87. The retail price of soybean oil per liter for Dhaka and other parts of the country will be BDT 90 and for Chittagong BDT 89 respectively.

On the other hand, the mill gate rate of palm oil per liter in Dhaka is fixed at BDT 84 and in Chittagong at BDT 83. The retail rate of per liter of palm oil in Dhaka and other parts of the country will be BDT 86 and in Chittagong BDT 85 respectively.

However, the prices of bottled soybean oil will be determined by adding 15 per cent with the mill gate prices.

“From tomorrow (Thursday) teams from the commerce ministry, FBCCI and National Consumers Rights Protection Directorate (NCRPD) will monitor the market prices of soybean andpalm oil,” the commerce secretary told reporters after the meeting.

“The prices of soybean oil will be determined in line with the international prices,” AK Azad, President, FBCCI informed the media after the meeting.

Wednesday’s retail market showed that per liter of loose soybean oil sold between BDT 92 and BDT 94 while loose palm oil between BDT 87 and BDT 88.

BBN/SI/AD-23Dec10-9:51 am (BST)