Govt to reset soybean oil price soon

The Ministry of Commerce is set to reset price of soybean oil, which is currently Tk 153 per litre at the consumer end.

“May be we will discuss the issue on Sunday or next. If we find that the price needs to be readjusted, we will do so. Bangladesh Trade and Tariff Commission has been working on it,” Commerce Minister Tipu Munshi told The Business Post on Friday.

According to the ministry, Bangladesh’s total demand for edible oil is 22 lakh to 23 lakh tonnes per annum, of which soybean oil is around 13 lakh tonnes. Around 90 per cent of the demand is met through imports.

However, the demand for edible oil decreased a little bit due to Covid-19 pandemic, according to the Tariff Commission.

The Tariff Commission has already held a meeting in this regard and concluded that the price of soybean oil should be reduced in par with the international market.

The commission has called for another meeting on Monday to draft its final recommendation and plan to send the recommendations to the commerce ministry by next Thursday.

According to officials at the Tariff Commission and Commerce Ministry, the price of soybean oil dropped in the international market and the supply of edible oil was more than the demand in the country.

The commission’s recommendations are generally based on international market prices, officials said.

Earlier, when soybean oil prices rose in the international market, the commission recommended increasing the price or reduce the duty on the edible oil import.