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The price of cooking oil has been raised twice in the current calendar year, according to traders and the Trading Corporation of Bangladesh (TCB).

The price of bottled soybean saw a hike by Tk 5 per litre in the first quarter of the year while Tk 2-3 a litre in the third quarter. Besides, it saw a 16.85 percent rise in the last one year.

A five-litre bottle of soybean of different brands was selling at Tk 510-Tk 530 in the city markets on Friday which was Tk 490-520 last week and Tk 430-Tk 460 a year ago.

Visiting different kitchen markets in the city, this correspondent found a five-litre bottle of Rupchanda brand soybean selling at Tk 540 which against Tk 530 a week ago. Teer brand soybean was selling at Tk 530 per five litres.

The sources said the wholesale price of a five-litre bottle soybean is Tk 515.

The price of one-litre bottle of Rupchanda was Tk 112 while that of Teer Tk 107.

The price of soybean was hiked to Tk 100 from Tk 94 in October last and it rose further to Tk 105 in January-March last.

Meanwhile, consumers have been facing immense sufferings following the increase in the cooking-oil price in several phases.

President of Consumers Association of Bangladesh (CAB) Ghulam Rahman said it is natural that the prices of commodities will see a rise and a slump in the open market economy. “But we’ve to see whether there’s any unusual hike. It won’t be fair if the price is hiked without any valid reason.”

Contacted, Biswajit Saha, general manager of City Group which owns Teer brand, said the cooking-oil price was fixed at Tk 520 per 5 litres on March 20 last.

Although it was increased by Tk 10 later, it was again reduced to Tk 520, he added.

Claiming that they have not hiked the soybean price, Biswajit said it requires taking Tariff Commission’s permission for increasing the oil price.

Wishing anonymity, a Tariff Commission official said they have information about the oil price hike in the retail market.

The commission is monitoring the matter, the official said while talking to UNB.

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