Economy
Govt Initiates Tk10 Price Drop on Soybean Oil Ahead of Ramadan
The government has opted to decrease soybean oil prices by Tk10 per liter in anticipation of the upcoming holy month of Ramadan. State Minister for Commerce Ahsanul Islam Titu announced the decision after participating in a meeting on commodity price review at the commerce ministry on February 20.
Titu stated, “Despite a Tk5 reduction in tariffs for edible oil by the NBR, mill owners and oil refiners have independently decided on a Tk10 reduction per liter ahead of Ramadan, effective from March 1.”
Following the adjustment, a one-liter bottle of soybean oil will be priced at Tk163, marking a Tk10 decrease from the current rate of Tk173. Loose soybean oil will cost Tk149 per liter after the price revision.
The state minister clarified that there are currently no plans to reduce palm oil prices. On the matter of onion imports from India, he mentioned ongoing discussions and expressed hope for an official decision from India soon.
Ahsanul Islam also highlighted efforts to enhance bilateral trade with Myanmar, mentioning the receipt of a draft MoU for importing daily necessities from Myanmar. The draft includes provisions for importing rice, lentils, onions, and ginger from the neighboring country.
The task force committee meeting, chaired by Commerce Secretary Tapan Kanti Ghosh and attended by Commerce Minister Tipu Munshi, featured participation from representatives of various government agencies, including the Directorate of National Consumers Rights Protection, FBCCI, and key stakeholders in the commodities sector.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
