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.
