The edible oil refiners have cut the maximum retail price (MRP) of loose palm oil by Tk 3.0 to Tk 130 per litre as approved by the government on February 06 last.
The commerce ministry and oil refiners re-fixed the rate from existing Tk 133 per litre at a meeting at the ministry on Tuesday, according to a press release issued by the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association.
Additional secretary and director-general (DG) of the Directorate of National Consumers' Right Protection (DNCRP) AHM Shafiquzzaman and senior officials of the commerce ministry were present at the meeting.
The new rate of the edible oil will be effective at the retail level as soon as possible, an official said.
Earlier on Sunday, the refiners also reduced the MRP of soybean oil by Tk 8 to Tk 160 per litre after a meeting with the commerce ministry.
They reduced the MRP of a five-litre soybean oil jar to Tk 760 from Tk 795 and one litre of loose soybean to Tk 136 from Tk 143.
The prices of edible oil have been reduced following the recent withdrawal of value-added tax at production, trading and import stages.
Recently, the National Board of Revenue (NBR) waived 15 per cent VAT in manufacturing and 5.0 per cent in trading stages of edible oil and it also lowered VAT on edible oils at import stage as part of market intervention to tame soaring prices of the most consumed essential item.
The new VAT rate will remain effective until June 30 next.
On February 06 last, the commerce ministry and oil refiners had fixed MRP of soybean oil at Tk 168 a litre, five-litre jar Tk 795, and loose soybean oil Tk 143 a litre at retail level.
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