TCB to procure 2.75 crore litres of soybean oil

State-owned Trading Corporation of Bangladesh (TCB) is set to procure 2.75 crore (27.5 million) litres of Soybean oil from the local suppliers.

Cabinet Committee on Government Purchase (CCGP) in a virtual meeting presided by the Finance Minister AHM Mustafa Kamal, approved three separate proposals of the Commerce Ministry in this regard on Wednesday.

Briefing reporters virtually after the meeting, Additional Secretary of the Cabinet Division Syed Mahmud Khan said the cabinet committee approved three proposals of the Commerce Ministry to procure a total of 2.75 crore litres of Soybean oil from local suppliers.

As per the Commerce Ministry’s proposals, the TCB will procure the entire edible oils through three open tenders.

Under the proposals, some 1.10 crore litres of soybean oil will be procured from privately owned City Edible Oil Limited at a cost of Tk 203.32 crore with cost of each litre at Tk 104.48 per litre.

The similar quantity of He came up with the information while attending a programme organized by Rangpur Diabetic Society on Wednesday.

Minimum LC margin or LC zero margin has been allowed for importing essential commodities to meet consumption demands for next Ramadan, he added.

But because of LC opening other businesses will not suffer, he said.

Later, buyers can pay the dues of the commodities after 6 months as per the rules, he added.

“Dollars are being supplied as per the market situation in terms of imports. However, for remittance payment the amount is not given less,” he said.

But the prices of agricultural products in the country are low and may stay stable for the next two to three months, he added.

He said the prices of imported goods have increased because of higher dollar rates. In line with the dollar rates the prices of those goods are being fixed. That’s why the inflation remained under control compared with other countries, he said.

Currently, the difference between the import and export volume has narrowed. Dollars are being saved by reducing imports of luxury goods.

On Tuesday, Bangladesh Bank has allowed 8 essential commodities “usance term” (credit for suppliers/buyers) to meet consumption demands for next Ramadan.

The foreign exchange policy department of Bangladesh Bank on Tuesday issued a circular on 90-day credit facility for suppliers/buyers of these commodities with immediate effect. This facility will remain applicable for the initiation of imports till March 31, 2023.

Traders got the opportunity to import edible oil, chickpeas, pulses, peas, onions, spices, sugar, and dates under 90 days of suppliers’/buyers’ credit.