Commerce Adviser Sk Bashiruddin on Tuesday said businesses have raised edible oil prices without government approval, a move beyond their authority.

Speaking at an event in Purbachal regarding recent increases in soybean and palm oil prices, the adviser said, "The government has not raised edible oil prices, nor has it given any permission to businesses to do so."

He added, "Businesses do not have the authority to increase prices without the ministry’s approval. If there are price discrepancies, the government will take necessary measures."

On Monday, however, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association claimed that the new prices were set in consultation with the Ministry of Commerce and aligned with international market rates.

Bashiruddin clarified that no such approval was granted by the ministry.

According to the prices set by businesses, bottled soybean oil has been raised by BDT 6 per litre to BDT 195, while loose soybean oil went up by BDT 8 per litre to BDT 177.

Additionally, a 5-litre bottle of soybean oil now costs BDT 945 after a BDT 23 hike, and loose palm oil has been increased by BDT 13 per litre to BDT 163.