Bottled soybean oil prices up by Tk4/litre

The price of per litre bottled soybean oil has been increased by Tk 4 to Tk 167 while the price of per litre loose soybean oil has been reduced by Tk 2 to Tk 147.

The new price became effective at the mill gate level on Thursday, a day after edible oil refiners demanded an increase of Tk 10 per litre bottle of soybean oil.

State Minister for Commerce Ahsanul Islam Titu announced the new rates after a meeting between the Bangladesh Trade and Tariff Commission (BTTC) and Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association at the secretariat on Thursday.

As per the new price list, the 5-litre bottled soybean oil will now cost Tk 818. The maximum price of per litre palm oil has also been fixed at Tk 135.

The state minister said that following directives from the prime minister, a 15 per cent VAT exemption on edible oil was given at the consumer level and a 5 per cent VAT exemption at the import level in February, reducing the price of bottled soybean oil by Tk 10 to Tk 163 per litre.

However, the fresh prices needed to be re-fixed since that facility expired on April 15.

Citing that expiration, the mill owners said that they would increase the price of soybean oil by Tk 10 per litre and sent a letter to the senior commerce secretary regarding the effectiveness of their decision from last Tuesday.

In continuation of this, BTTC sat with State Minister Titu, the mill owners’ association and other officials concerned on Thursday and fixed the new rates.

Titu said the government has been able to fix a rational price of soybean oil after sitting with the mill owners and this fresh move would not disrupt the supply chain.

He also said that there would be no crisis of edible oil till the Eid-ul-Azha.