Refiners raise soybean oil price by Tk10 per litre

Shawdesh desk:

Refiners have increased the prices of soybean oil by Tk10 a litre with an effect from Tuesday.

Meanwhile, State Minister for Commerce Ahasanul Islam Titu said there is no scope for increasing the prices of edible oil, while the Bangladesh Trade and Tariff Commission is working on the matter.

Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association, the association of owners of edible oil refining and marketing companies, sent a letter to the commerce ministry on Monday in this regard.

In its letter to the senior secretary of the ministry, the refiners proposed to fix Tk173 for a litre of bottled soybean oil, Tk845 for a five-litre bottle, and Tk132 for a litre of loose palm oil.

On 7 February, the National Board of Revenue (NBR) announced a VAT exemption for locally produced edible oil and reduced VAT on the import of both refined and unrefined soybean and palm oils from 15% to 10% to keep its prices stable in the market ahead of Ramadan.

The adjustments would remain effective until 15 April, according to the NBR.

However, in the letter, refiners said that as tax exemption on the import of raw materials and production of edible oil expired on 15 April, it would be supplied at the prices fixed before the exemption of VAT.

The association said the new prices would come into effect from 16 April.

The state minister for commerce at an event in the capital on Tuesday said he was not aware of the letter sent by the refiners’ association. “After attending the office today, I will deal with the issue.”