The government has reduced the maximum retail price (MRP) of bottled edible oil by Tk 14 to Tk 185 per litre.
The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association has agreed to reduce the MRP of a five-litre soybean oil jar by Tk 70 to Tk 910, while the price of super palm oil is also expected to come down by Tk 06 to Tk 152 per litre.
Contacted, Senior Secretary of the commerce ministry Tapan Kanti Ghosh on Sunday said, "The country's oil refiners have agreed to lower the prices of edible oil. The new decision comes in consultation with the oil refiners."
The new prices are expected to be effective at the retail level from today (Monday), said a source in the ministry.
However, oil refiners said they would submit the new rates today (Monday) to the commerce ministry and issue a press statement in this regard.
The prices of cooking oil are going to come down in the domestic market as the prices of the cooking oil have started to decline in the global market.
Crude soybean oil used to be sold between US$1,330 per tonne and $1,358 per tonne in the global markets. However, the prices of crude soybean oil reached more than $1,800 per tonne in the months of April-May because of high freight charges and in the wake of the Russia-Ukraine war.
On June 26, 2022, the oil refiners' association reduced the MRP of bottled edible oil by Tk 6.0 to Tk 199 per litre.
It also reduced the MRP of a five-litre soybean oil jar to Tk 980 from Tk 997, and the MRP of one litre loose soybean oil to Tk 180 from Tk 185. But, the price of super palm oil was unchanged at Tk 158 per litre.
According to the commerce ministry, the country has a demand for over 2.0-2.2 million tonnes of edible oil annually - of which, above 95 per cent is met through import.
The National Board of Revenue (NBR) has extended the value added tax (VAT) exemption facility for cooking oil at both production and consumer level until September this year.
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