The government has taken a decision to reduce the price of soybean oil by Taka 8 per litre which will be effective from today.
The decision was taken on Sunday at a meeting chaired by Senior Secretary of the Commerce Ministry Tapan Kanti Ghosh at the ministry conference room in the city.
However, the new rate of soybean oil will be effective at the retail level within five or six days.
While talking to reporters after the meeting, Tapan Kanti Ghosh said all VAT except 5 per cent VAT on imports has been withdrawn in view of the continuous rise in prices of the product in the international market. The repeal of this VAT necessitated a re-pricing of edible oil, he added.
He said "We have sat down with the owners of the companies today and proposed to reduce the price of soybean oil by Tk 8 per litre. As per the proposal, they agreed to reduce the price. With this, we went back to the price of September 19, 2021."
According to the new price, the price of bottled soybean oil has been reduced from Tk 168 to Tk 160 per litre, the price of 5-litre soybean has been reduced from Tk 795 to Tk 760 and the price of non-bottled soybean oil has been reduced from Tk 143 to Tk 137 per litre. This price will be maintained throughout Ramadan. After analyzing the international market context, Commerce Ministry will again fix the price of soybean on May 22.