Govt cuts soybean oil price by Tk10 per litre

The government has reduced soybean oil prices by Tk10 per litre ahead of the holy month of Ramadan.

The new rate will come into effect from 1 March, Ahsanul Islam Titu, state minister for commerce, said on Tuesday.

The junior minister came up with the announcement after attending the task force committee meeting on commodity price review held at the commerce ministry in Dhaka.

The National Board of Revenue reduced Tk 5 per litre in tariffs for edible oil, however, the mill owners and oil refiners have announced to decrease Tk 10 per litre ahead of Ramadan, he said.

The current price of soybean oil per litre is Tk 173, and it will stand at Tk 163 when the new rate comes into effect.

Besides, the price of loose soybean oil will stand at Tk 149 after the readjustment of price, Titu said adding that the government has no plan to reduce palm oil prices at present.

About the update on onion imports from India, he said, they have held verbal discussions with the authorities concerned in the neighboring country in this regard. “We are just waiting for an official order.”

The task force committee meeting was chaired by Commerce Secretary Tapan Kanti Ghosh, and it was attended by representatives from various government agencies, including the Directorate of National Consumers Rights Protection, FBCCI, and stakeholders from commodity providers.

Earlier on Monday the Economic Times published a report saying that India has allowed exports of onions on a government-to-government basis to some countries including Bangladesh, on the recommendation of India's External Affairs Ministry,

One of the persons aware of the matter said a limited quantity of onion exports has been allowed for bilateral purposes though no decision has been taken on lifting a complete ban on onion exports. Details of the exporting agency could not be ascertained.