Loose soyabean oil price up Tk 9 per litre, 5-litre bottle up Tk 54

Though the government last December had fixed the rate of loose palm oil at Tk 117 per litre, retailers said they were charging Tk 125 to Tk 127

Oil prices rose more than $2 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day.

The government may adjust fuel prices, State Minister for Power, Energy and Mineral Resources Nasrul Hamid has said.

Petrol pump owners today called a symbolic strike on August 31 in demand of increased commission for selling fuel.

Oil rose slightly on Tuesday, paring earlier losses and after soaring by more than $5 barrel in the previous session, amid concerns about tight supply.

A hefty amount of subsidy allocated by the government to offset the price increases in the global market may pose a challenge in the budget management for the next fiscal year, said Finance Minister AHM Mustafa Kamal today.

Oil prices drifted higher on Wednesday, anticipating a report of low U.S. oil stocks, while expectations of solid demand in the upcoming driving season also lent support.

Believing the businessmen was a mistake as they have hoarded and hiked the edible oil prices abnormally in the local markets after the Eid-ul-Fitr, Commerce Minister Tipu Munshi said today.

Despite record imports of soybean oil in the first quarter, consumers are having to pay an additional Tk 36-38 for every litre of non-bottled soybean oil over the price set by the government.

Oil prices jumped more than $4 on Monday, with Brent crude climbing above $111 a barrel, as European Union nations considered joining the United States in a Russian oil embargo and after a weekend attack on Saudi oil facilities.

The National Board of Revenue (NBR) yesterday cut value added tax (VAT) at imports of edible oil to 5 per cent from 15 per cent in line with the government’s decision to reduce the indirect tax to give some relief to consumers.

The supply order, crucial for dealership of edible oils, has turned out to be a key tool being used to inflate the prices at the country’s biggest trade hub in Chattogram.