AR300M with lede build and opkg update doesn't work

I got AR300M that I am trying to configure at work. The router is connected to WAN over wired connection. The corp network has proxy.
I updated /etc/opkg.conf with http_proxy settings. The “opkg update” is failing.
[~] opkg update
Downloading 404 Page not found - GL.iNet
***** Failed to download the package list from 404 Page not found - GL.iNet**

Collected errors:
** * opkg_download: Failed to download 404 Page not found - GL.iNet, wget returned 8.**

What am I doing wrong?

If you don’t update /etc/opkg.conf, does it work?

That is what I tried first. It didn’t work.

Did you set it properly?