The price of soybean oil in the international market is now the lowest in the last three years. This information is known from the February edition of the World Bank’s regular monthly report (Pink Sheet). According to the Pink Sheet, the average price of soybeans in the international market fell to $971 per ton last month.
However, although the price of soybean oil has decreased in the international market, it has no effect on the domestic market. In addition, the country’s retail traders are selling soybean oil at higher prices than the government fixed price. Even last month, the edible oil traders increased the price by Rs 4 per liter without any discussion with the government. Traders claim that due to the fall in the value of rupee against the dollar, they are not getting the benefit of the decrease in the price of soybean oil in the international market.
According to the Pink Sheet, the average price of soybean oil per ton in the international market in 2021 was $1,385. In 2022 it increased to 1 thousand 667 dollars. In 2023, the average price drops to $1,119. In the last quarter of the year (October-December) it was traded at 1 thousand 105 dollars. Among them, the price in November last year was 1 thousand 118 dollars per ton. In December it decreased to 1 thousand 62 dollars. Last month, the market price further decreased to settle at 971 dollars.
Meanwhile, Bangladesh Vegetable Oil Refiners and Bonaspati Manufacturers Association last set the price of bottled soybeans at Tk 169 per liter in September last year. Then in January, without any announcement, the traders increased the price by Tk 4 per liter.
Every month the price of edible oil is fixed by Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association. However, no new rates have been fixed since September.