The price of soybean oil is decreasing by Tk 10 per liter

The government has reduced the price of edible oil ahead of the holy month of Ramadan. According to the decision, 10 rupees per liter is being reduced. Which will be effective from March 1. This decision was taken in the meeting of the tax force regarding the review of commodity prices and market conditions.

The meeting was held in the meeting room of the Ministry of Commerce on Tuesday (February 20). State Minister of Commerce Ahsanul Islam Titu gave this information to the journalists after the meeting.

As a result of this new decision, the price of bottled edible oil has been reduced by Tk 10 to Tk 163 per litre. Besides, the price of edible oil per liter in the open market has been fixed at Tk 149.
Referring to the recent reduction in duty on edible oil , the Minister of State for Commerce said, there are

representatives of TK Group, City Group, S Alam, Bashundhara Group. I told them, the Prime Minister expects that our industrialists and businessmen who are large scale also have a social responsibility. All things considered, not logically, somewhat irrationally, we requested them and they agreed to reduce the price of edible oil by Tk 10 per litre. They made the proposal themselves.

He said, we have reached an agreement on making the maximum market price Tk 163 per one liter bottle during Ramadan. The price was Rs 173 and the previous year it was Rs 185.
He further said, our circular came on February 8, it takes about a month for any ship to arrive from abroad and it takes a minimum of two months to clear and reach the consumer level. We don’t have Ramadan for two months. They will implement the market price on our special request from March 1.

Titu said that since so much is associated with oil, a relief at the consumer level will come to the market and bring down the rational level at retail. We have decided that the maximum price at the loose level will be Rs.149. And five liter bottle will be sold for 800 taka. Hopefully, it will benefit our consumers in general.