The Bangladesh Vegetable Oil Refiners and Manufacturers Association have set the price of edible oil in bottles at Tk 199 per liter, which is an increase of Tk 12. The organization has made this decision due to the expiration of the government’s VAT exemption on imported edible oil. The director of the local edible oil marketer, City Group, Mr. Biswajit Saha, confirmed this information on Thursday, May 4.
According to a press release from the Bangladesh Vegetable Oil Refiners and Manufacturers Association, the price increase was announced. As per the new rates, open soybean oil will cost Tk 176 per liter, bottled soybean oil will cost Tk 199 per liter, bottled soybean oil (5 liters) will cost Tk 960, and palm super open soybean oil will cost Tk 135 per liter.
This increase in edible oil prices is likely to have an impact on the common people who consume it regularly, especially those with lower incomes. The Bangladesh Vegetable Oil Refiners and Manufacturers Association’s decision comes at a time when the country is already facing economic challenges due to the COVID-19 pandemic. It remains to be seen how this decision will affect the overall economy and the people of Bangladesh in the long run.
