Some traders cited a rise in prices in the international market as a reason behind the oil price hike, but no one could justify the increased rice prices. Retailers at Karwan Bazar were selling palm oil at Tk 84 per litre on Friday, up from Tk 73 a week ago while the price of soybean oil increased by Tk 10 to Tk 95 a litre. Grocer Jahangir Alam said a spike in the wholesale price has driven the retail prices. The wholesale price of palm oil increased to Tk 16,400 per drum of five maunds (1 maund = 37.42 kg) from Tk 12,000 per drum while soybean oil price was up to Tk 17,500 per drum from Tk 15,000. Mohiuddin Harun, a rice wholesaler in Mirpur, said he heard that the millers had raised the prices citing a hike in paddy prices.

Source: bd News24 September 25, 2020 20:03 UTC