Economy
Govt Cuts Soybean Oil Price by Tk 10 per Liter
In response to the downward trend in international markets, the government announced today (June 11, 2023) a reduction in the prices of edible oil. Tapan Kanti Ghosh, Senior Secretary to the Ministry of Commerce, confirmed the decision during the 7th meeting of the ‘Task Force on Review of Commodity Prices and Market Situation’ held at the Ministry of Commerce’s conference room in the Secretariat.
Bottled soybean oil will now be priced at Tk 189 per liter, reflecting a reduction of Tk 10, while loose soybean oil will cost Tk 167 per liter. Similarly, the price of palm oil has been lowered by Tk 2 per liter to Tk 133, as stated by the senior secretary.
The price adjustments are expected to take effect within a few days, providing much-needed relief to consumers. Senior Secretary Tapan Kanti Ghosh emphasized that today’s meeting addressed various issues, including soybean oil, onion, ginger, and garlic prices, as well as the current import situation.
“We have already taken steps to reduce onion prices through import decisions,” he stated. Additionally, he mentioned the possibility of further reduction in edible oil prices within the next 15 days, aligning with the global price decline.
According to the Ministry of Commerce, the country’s annual demand for edible oil stands at 20 lakh tonnes, with approximately 3 lakh tonnes required during the holy month of Ramadan alone. While 200,000 tons are produced domestically, the rest is imported.
The recent move by the government aims to alleviate financial burdens on consumers and foster stability in the edible oil market, aligning prices with global trends.
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.
