The Trading Corporation of Bangladesh has increased the price of soya bean oil by Tk 10 a litre against the backdrop of a price hike of the commodity in both the international and the local markets.

The state-owned corporation also increased the price of red lentil by Tk 5 a kilogram.

The TCB sells essential commodities at a reduced rate aiming to keep the prices of the daily essentials stable in the market.

Refiners started to increase the prices of edible oil in the local market for the last few months showing the price hike of crude oil in the international market as an excuse.

The retail price of soya bean oil is increased by Tk 30-35 a litre to Tk 140 a litre in the last three months in the country.

Amid the frequent price hike of edible oil in the local market, the state-owned trading corporation on Monday increased the price of soya bean oil to Tk 90 a litre from Tk 80 a litre.

The TCB also increased the price of red lentil to Tk 55 a kg from Tk 50 a kg. The TCB usually sells a coarse variety of red lentil, an item that is being sold for Tk Tk 65-70 a kg in the city markets.

‘We have increased the price of soya bean oil and red lentil to narrow the business gap as the prices of the items increased in both the local and the international markets,’ the TCB chairman Brigadier General Md Ariful Hassan told New Age on Tuesday.

TCB sells the commodities with a subsidised rate and the amount of subsidy increased due to the price hike of the items in the market, he said.

The TCB chairman also said that the rate of sugar remained unchanged and the item was selling for Tk 50 a kg at the TCB sales centres.