The Bangladesh Vegetable Oil Refiners and Bonospoti Manufacturers Association has announced an increase of Tk2 per litre in edible oil prices, although the Ministry of Commerce proposed an increase of Tk5.
As a result, it will cost Tk141 per litre to buy bottled soybean oil, according to a press release sent by the association on Monday.
In mid-March, the commerce ministry set the price of soybean oil at Tk139 per litre. At that time the price of unbottled soybean was fixed at Tk117 per litre, which will be Tk119.
A press release signed by Nurul Islam Mollah, secretary of the Vegetable Oil Refiners and Vegetable Manufacturers Association, claimed that the decision to reduce the price by Tk3 was taken at the request of the commerce ministry, considering the purchasing power of consumers at this time of Ramadan and the Covid-19 epidemic.
Earlier, the association had decided to increase the price by Tk5 per litre.
Recently, oil traders have suggested raising the price of oil on grounds of a price hike in the international market and traders also decided to sell oil at Tk144 per litre.
The commerce ministry requested traders not to increase the price by Tk5 and they agreed.
However, a few days ago, the National Board of Revenue revoked the 4% advance tax imposed on the import of crude soybean oil so that oil prices remain stable in the country.
Earlier, the National Price Monitoring and Fixing Committee allowed the rise in oil prices in the country in two phases in the context of growing prices in the international market. Then, traders increased the price in two steps.
According to the association, there is a demand of about 20 lakh tons of edible oil a year, about 95% of which is import-dependent.