Home / Business / All kinds of soyabean oil prices lowered

All kinds of soyabean oil prices lowered

Both bottled and unpacked soyabean oil have been reduced by the government after the authorities concerned waived value-added tax on production, imports and sales of edible oil.

The Commerce Ministry has fixed the price of bottled soybean oil Tk 160 a litre by reducing by Tk 8 per litre at retail level.

The price of 5-litre bottled soyabean oil has been fixed at Tk 760 lowering by Tk 35.

On the other hand, the price of unpacked soybean oil has been fixed at Tk 136 per litre by reducing by Tk 7 a litre at retail level.

Commerce Secretary Tapan Kanti Ghosh told reporters at a briefing following a meeting with oil importers and refiners at the Secretariat on Sunday.

At present, the bottled soyabean oil being sold at Tk 168 per litre, 5-litre bottled soyabean oil at Tk 795 per litre and unpacked soyabean oil at Tk 143 per litre in market.

The new prices will be effective on Monday at the mill-gate and it will take five to seven more days for the new rates to be effective at consumer level, Tapan Kanti Ghosh said.

The Commerce Secretary said, “The re-fixed prices of edible oils will remain effective until the holy Eid-ul-Fitr. All the refiners have agreed to it. We will sit again in May, and refix the prices again taking the average international prices of one month into account.”

He also said the price of palm super oil will be re-fixed on Tuesday.

“We have agreed to refix the soyabean oil prices. We need some more information and do calculation about palm oil. Palm oil is usually imported from Malaysia and Indonesia. So, it taken less amount time to arrive in the country. So, the edible oils which was purchased paying extended prices in international market have already arrived in Bangladesh. Now, the refiners association and their representatives will reduce the prices coordinating among themselves,” he said.

The Commerce Secretary also said there are adequate quantities of soyabean and palm oils in the market. “There will not be deficit in supplies until Eid-ul-Fitr.”

Director General of the Directorate of National Consumer Rights Protection AHM Shafiquzzaman, Citigroup Director Biswajit Saha and other businessmen were present at the meeting.