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Traders want to increase the price of soybean oil by 14 taka per liter and palm oil by 12 taka. The Bangladesh Vegetable Oil Refiners and Palm Oil Manufacturers Association has written to the Ministry of Commerce informing them of the new prices.
However, edible oil refining and marketing companies say that no final decision has been made on the new prices.
The association of edible oil refineries wrote to the Bangladesh Trade and Tariff Commission on March 27, seeking to increase the price of bottled soybean oil by 18 taka per liter and the price of open soybean and palm oil by 13 taka. The letter said that the period of duty and tax exemption at the import stage of edible oil expired on March 31. This is the reason for the demand for the price increase.
Commerce Advisor Sheikh Bashiruddin met with refinery owners on April 6 and 8 on the issue, but could not reach a decision.
However, according to ministry sources, the Commerce Advisor is in favor of fixing the price of soybean oil below Tk 190 per liter. And the mill owners are demanding more than Tk 190. Although bargaining took place in both meetings, no decision was made.
On Tuesday (April 15, 2025), another meeting was scheduled to be held at the secretariat under the chairmanship of the Commerce Advisor. The Commerce Ministry sent a letter on Sunday asking representatives of TK, Meghna, and City Group to attend Tuesday's meeting. The letter has also been sent to the Chairman of the Tariff Commission and the President of the Edible Oil Factory Owners Association.
On April 8, NBR Chairman Abdur Rahman Khan said in this regard, "Duty and tax exemptions have been given at the import stage of edible oil for six months. The NBR cannot maintain such an opportunity for a long time. It is difficult for us to be in favor of tax exemption for now.’
Meanwhile, the Vegetable Oil Refiners and Bonaspati Manufacturers Association has sent a letter to the Tariff Commission informing it of the new price. They said that the price of one liter of bottled soybean oil has increased to Tk 189, which was Tk 175 so far. And the new price of five liters of bottled soybean oil is Tk 922, which was Tk 852. In addition, the new price of raw soybean and palm oil is Tk 169 per liter, which was Tk 157.
The letter, given in the form of a notification, is signed by the association’s executive officer, Md. Nurul Islam Molla. When contacted, Nurul Islam Molla admitted to giving the letter. However, when contacted separately with the owners of the three refineries, they said that the decision will be finalized next Tuesday.
A top-level official of the Commerce Ministry said that it was not right to give the association’s notification before Tuesday’s meeting. There may be an intention to manipulate the market. If someone sells edible oil at a higher price, consumers should go to the National Consumer Protection Department and file a written complaint.
Source: Online/OFA
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