The government has decided to increase the prices of edible oil following a meeting between Commerce Adviser Sheikh Bashir Uddin and traders at the Secretariat on Monday.

According to meeting sources, the prices of both loose and bottled soybean and palm oil have been raised.

However, the exact price adjustment will be announced by the traders later.

Traders had been pressing for a price hike, citing the need to align with the international market. In continuation of that, they held a meeting with the commerce adviser today.

The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association said the international price of soybean oil has surged to USD 1,200 per tonne.

In recent weeks, global prices of soybean and palm oil have risen by 18–20 percent, prompting traders to propose an adjustment.

On August 12, the government last revised palm oil prices, reducing them by Tk 19 to Tk 150 per litre, while keeping soybean oil unchanged at Tk 189 per litre.

Earlier in April, soybean oil was set at Tk 189 and palm oil at Tk 169 per litre.