The government has adjusted the price of bottled soybean oil to Tk167 per litre, raising it up by Tk4 following the withdrawal of Vat exemption facility.
State Minister for Commerce Ahsanul Islam Titu announced the new rates at a press briefing at the Secretariat on Thursday (18 April).
The price of 5-litre bottled soybean oil has been increased to Tk818 from Tk800, while the price of palm oil has been adjusted upward to Tk135 per litre and the price of loose soybean oil has been adjusted downward to Tk147 per litre.
Earlier, on 7 February, the commerce ministry adjusted soybean oil prices downward following a vat exemption by 5% on the import and 15% at the consumer level. The VAT exemption facility expired on 15 February, prompting traders to return to the earlier price from the very next day. The commerce ministry took immediate steps to prevent the price hike.
The ministry held several meetings in the last two days and fixed the prices today. Meanwhile, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association issued a press release implementing the government-set prices today.
