It has been reported that the Tariff Commission, Bangladesh Vegetable Oil Refiners and Banspati Manufacturers Association and the Ministry of Commerce will hold a meeting to decide on the new price of oil today afternoon regarding the proposal made by traders to increase the price of edible oil by 10 taka per liter.
This information was revealed on Thursday (April 18) by the Ministry of Commerce.
According to sources in the Ministry of Commerce, the final decision will be announced today after discussing with the mill owner and the tariff commission considering the overall aspect. Although the Tariff Commission rejected the traders' proposal to raise the prices, the commission continued its own review of the edible oil price situation. The ministry will take the final decision on increasing the price of edible oil.
Bangladesh Vegetable Oil Refiners and Bonspati Manufacturers Association President Mostafa Haider Chowdhury told the media that further discussions will be held with the Tariff Commission and the Ministry of Commerce. The increased price of edible oil will not be effective now and the mill owners will not release oil bottles bearing the increased price label in the market. In other words, the announcement to increase edible oil by 10 taka per liter from April 16 will remain suspended for the time being. However, since the government has not extended the 5 percent VAT waiver period and the price of soybean-palm oil has already started increasing in the global market, the government will make a final decision on increasing the price of edible oil quickly considering the demands of traders.
Meanwhile, the price of soybean oil has decreased in the world market for the last 5 consecutive months. The price of crude soybean oil per ton in the world market last November was 1 thousand 118 dollars. Last March, the price dropped to $910. That is, the price of soybean oil per ton in the world market has decreased by 208 dollars in the last 5 months. But the opposite picture is happening in the market of the country. The owners of edible oil refining mills had announced a jump in the price of soybean oil by Rs 10 per liter as the 5 percent VAT exemption expired. It was also announced to implement this price from last Tuesday.
Last Monday, in the letter of Bangladesh Vegetable Oil Refiners and Bonaspati Manufacturers Association, it is proposed to increase the price of soybean oil again. The new price is set at Tk 173 after increasing Tk 10 per litre. In the letter written to the senior secretary of the Ministry of Commerce, it is said, 'For your kind information, the SROD issued on February 7 for the import and production of raw materials of edible oil is expiring on April 15. Therefore, from April 16, the supply of edible oil (refined palm oil and refined soybean oil) in the market will be provided at the pre-VAT exemption price. In the letter, from April 16, the price of 1 liter of bottled soybean oil is proposed at Tk 173, 5 liters at Tk 845 and the price of open 1 liter of palm oil at Tk 132. Tariff Commission has rejected the proposal, so this price is not effective for now.
Bangladesh /IJ