Edible oil refiners announced today that the price of soybean oil would be decreased by Tk 10 per litre beginning March 1 to pass on the benefits of lower duty and value-added tax to consumers.
One-liter container of soybean oil will cost Tk 163, down almost 6% from Tk 173 at now, according to officials of major importers and processors of commodities.
"No decision has been taken to reduce the palm oil prices," said Biswajit Saha, director for corporate and regulatory affairs of City Group, one of the leading commodity importers and processors.
The decision was made during a meeting between ministry of commerce officials and commodity processors. During the meeting, Ahasanul Islam Titu, the state minister for commerce, requested that the refiners lower their prices.
In order to cut the prices of the four commodities and relieve consumer inflationary pressure, the National Board of Revenue on February removed VAT on edible oil imports and lowered customs taxes on rice, sugar, and dates.
Biswajit said that the impact of the duty and VAT decrease is Tk 5 per litre, however as per the ministry`s decision, it has been cut by Tk 10 for a litre.
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