DHAKA, April 18, 2024 (BSS) - The price of per liter bottled soybean oil has been increased by Taka 4 per liter while that of loose soybean oil has been reduced by Taka 2 per liter.

The new price will become effective from today at the mill gate level.

State Minister for Commerce Ahsanul Islam Titu informed this after a meeting between Bangladesh Trade and Tariff Commission and Bangladesh Vegetable Oil Refiners and Banaspati Manufacturers Association today.

As per the new price list, per liter bottled soybean oil will cost Taka 167 after a Taka 5 increase while that of five liter bottled soybean oil Taka 818. The price of per liter loose soybean oil has been reduced by Taka 2 to Taka 147 while the maximum price of per liter palm oil has been fixed at Taka 135.

Earlier, the mill owners announced to increase the price of soybean oil by Taka 10 per liter and thus sent a letter to the Senior Commerce Secretary regarding the effectiveness of their decision from last Tuesday.

In continuation of this, the Tariff Commission sat with the Association of the mill owners today and fixed the new rate.

The State Minister said following directives from the Prime Minister, 15 percent VAT exemption on edible oil was given at consumer level while 5 percent VAT exemption at import level in last February.

But, the fresh price had to be re-fixed since such facility expired on April 15.

 Ahsanul said the government has been able to fix a rationale price of soybean oil after sitting with the mill owners while this fresh move would not disrupt the supply chain.

The State Minister for Commerce also said that there would be no crisis of edible oil till the Holy Eid Ul Azha adding that the price of super palm oil would be Taka 135 per liter.