Refiners in Bangladesh today cut the price of soybean oil by Tk 5 and palm oil by Tk 4 a litre after edible oil prices declined in the international market.
The new price will be effective in the retail market from September 17, said the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association in a press release.
As per the new rate, the price of a litre of soybean oil will be Tk 169 from Tk 174 now. Similarly, each litre of non-branded palm oil will be retailed at Tk 124 instead of Tk 128.
A five-litre cane of soybean oil will cost Tk 825, down from Tk 850.
The price reduction came at a time when people in Bangladesh are struggling with high inflationary pressure.
Inflation advanced 23 basis points to 9.92 percent in August propelled by food inflation, which hit a 12-year high.
In August, food inflation soared 278 basis points to 12.54 percent -- the highest since October 2011, according to the Bangladesh Bureau of Statistics.