Commerce Adviser Sheikh Bashir Uddin said today that the increase in soybean oil prices is temporary.

The price has been raised in the local market in line with international prices, as the government reduces subsidies and aims to increase revenue collection, he said.

He said that with improved supply and increased competition in the market, it will be possible to bring down prices soon.

The adviser also said that to boost the supply of edible oil in the local market, two oil companies have already started production.

Another 6–7 companies are expected to begin production very soon, he said.

The price of branded bottles of soybean oil was increased today to Tk 189 per litre, up from Tk 175, while that of unbottled soybean oil rose by Tk 12 to Tk 169 per litre.