The government raised the retail prices of soybean and palm oil yesterday amid concerns that this would raise the cost of living.

Traders said that despite the absence of a formal announcement, supply shortages and market speculation are pushing up consumer costs

The commerce ministry is going to hold a meeting tomorrow after edible oil refiners sought to hike prices of soybean oil by Tk 14 or 8 percent for each litre of packaged oil

Edible oil prices have been rising over the past week in the local market, as grocers say they are not getting enough supplies from the cooking oil companies.  

Despite a decision by the interim government to hike soybean oil prices nearly three weeks back, many kitchen markets across Bangladesh, including the capital Dhaka, are missing an adequate supply of the key cooking ingredient.

Many consumers said they are still not getting bottled soybean oil in kitchen markets in various parts of the country including Dhaka despite the government allowing refiners to hike prices of the essential cooking ingredient two days ago.

The government yesterday raised the retail prices of soybean and super palm oils by Tk 8 per litre. Bottled soybean oil price was set at Tk 175, and loose soybean oil and super palm oil at Tk 157.

But cuts loose soybean oil price by Tk 2 a litre

If this comes into effect, a one-litre bottle of soybean oil will cost Tk 173, a five-litre bottle Tk 845 whereas unpackaged palm oil Tk 132 a litre.

The government must implement economic policies that deal with the ongoing crisis