Bangladesh bans exports of soybean, palm oil

DHAKA (Reuters) - Bangladesh has banned exports of soybean oil and palm oil for six months to halt soaring prices in the country's retail market, officials said on Monday.

"We have banned soybean and palm oil exports to keep domestic prices stable," Commerce Secretary Feroz Ahmed told Reuters.

Retail edible oil prices have jumped over 37 percent to 110 taka ($1.60) a litre over the past six months.

Bangladesh is totally dependent on imports of crude soybean and palm oil to meet domestic demands, but some refiners export the refined oil to India.

Refined oil is also smuggled out mainly to neighbouring Myanmar, police and traders said.

Bangladesh imports nearly 1 million tonnes of crude palm oil, 500,000 tonnes of crude soybean and 500,000 tonnes of rapeseed annually to meet local demand.