Soybean oil price hiked by Tk4 to Tk167/litre
Bangladesh
The government has fixed soybean prices at Tk167 per litre.
State Minister for Commerce Ahasanul Islam Titu announced the price of soybean oil at the Secretariat on Thursday (18 April).
Meanwhile, the price of 5-litre bottled soybean oil has been increased from Tk800 to Tk818 and the price of bottled palm oil has been set at Tk135 per litre.
However, the price of unpackaged soybean oil has been reduced by Tk2 to Tk147 per litre.
On 7 February, the National Board of Revenue gave a 5% VAT exemption on the import of raw materials of edible oil at the request of the Ministry of Commerce.
The ministry reduced the price of bottled soybean oil by Tk10 to Tk163 per litre after VAT exemption.
After the exemption's validity expired on 15 April, the executive officer of the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association sent a letter to the commerce secretary on the same day, requesting that the price of bottled soybeans be increased by Tk10 to Tk173.
The new prices will be implemented from 16 April, the letter reads.
However, State Minister for Commerce Ahasanul Islam Titu denounced this move and said this would not be accepted
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