The authorities have decided to reduce the price of soybean oil by Tk 10 per liter and that of palm oil by Tk 2 per liter.

The oil refiners will decide when the decision will take effect.

Tapan Kanti Ghosh, senior secretary of the commerce ministry, announced the price cut after a meeting at the ministry on Sunday. However, he did not clarify when the new price will come into effect.

The commerce ministry sources said the organisation of oil refiners – Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association – will issue a notice regarding the time of price reduction.

Thanks to the decision, the price of bottled soybean oil will be reduced by Tk 10 to Tk 189 per liter, while loose soybean oil will be reduced by Tk 10 to Tk 167 per kilogram (kg).

Also, loose palm oil will see a reduction of Tk 2 per liter to Tk 133 and bottled super palm oil will be reduced by Tk 2 to Tk 165 per liter.

It was the seventh meeting of the commerce ministry’s task force on commodity prices and market situation.