Edible oil refiners have withdrawn a decision to increase prices of soybean and palm oil before Ramadan.

On January 21, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association wrote a letter to the commerce secretary, informing that they would not be increasing the prices.

After analysing the current stock and import prices of crude soybean and palm oil, the association had requested the government, for the first time on January 6 and then for a second time on January 15, to adjust the prices, according to the letter.

There has been no response and the existing rates are making it difficult to manage business costs and, in some aspects, even leading to huge losses, said the letter.

Therefore, the refiners have decided to adjust the prices from January 25, said the latter, which also informed of the new rates.

In another letter yesterday, the association informed the Ministry of Commerce that they had withdrawn their decision to increase the prices.

An official of an edible oil company, speaking on condition of anonymity, told The Daily Star, "In a meeting yesterday, the government told us that edible oil prices will not be reviewed again before upcoming Ramadan and Eid-ul-Fitr."

Bangladesh meets more than 90 percent of its edible oil requirement through imports, according to the commerce ministry data.