Quader: Russia-Ukraine war triggers hike in edible oil price

Road Transport and Bridges Minister Obaidul Quader on Friday said the price of soybean oil has been increased in Bangladesh on grounds of rise in the global market as a fall-out of Russia-Ukraine war.

The minister made this remark while talking to the reporters during inspection of a project to develop Dhaka-Narayanganj road to six lanes in the Signboard area of Narayanganj.

The minister said, “Prices of everything including oil and fuel are rising all over the world following the war.” He said "Bangladesh is not an isolated place, so war’s effect will be everywhere.”

However, Quader said, "People will not suffer because Sheikh Hasina is a crisis manager. She used her foresight to save the country even during the Covid pandemic. Our Prime Minister has the courage and integrity to deal with it.”

The government on Thursday approved a fresh hike in the prices of soybean and palm oil by Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers Association.

The association, BVOVMA, fixed bottled soybean oil at Tk 198 per litre while loose soybean oil at Tk 180 per litre, effective from Friday.

It means bottled soybean oil price increases by Tk 38 per litre and loose soybean oil price up by Tk 44 per litre.

The five litre container of soybean oil will be sold at Tk 995, which was earlier sold at Tk 760. The refined palm oil loose will be sold at Tk 172 per litre from Friday.