Staff Reporter:
The government has re-fixed the retail prices of both branded and non-branded soybean oil.
The decision came yesterday following a review meeting at the secretariat on the import and sup-ply of edible oil.
After the meeting, Commerce Adviser Sk Bashir Uddin mentioned that the prices of branded bot-tled soybean oil have been re-fixed at Tk 189 per liter, while that of non-branded loose soybean oil at Tk 169 per litre.
“We have taken the decision to increase the prices in accordance with the process determined by the International Market Price and Tariff Commission,” he added.
He said that more traders are being added to the market and prices may come down in a competi-tive market.
He said that two oil companies have already started oil production to increase the supply of edible oil from the local market.
Six to seven more oil companies will come into the oil production process very soon, he added.
Previously, the last time the price of bottled soybean oil was increased on December 9 last year, when it was set at Tk175 per liter.
To keep the market price of edible oil stable, the government had previously reduced the Value-Added Tax (VAT) imposed on the import of refined and unrefined soybean oil and palm oil from 15 percent to 5 percent.
In addition, VAT exemption was also provided at the local production and marketing level, the validity of which expired on March 31, 2025.
