Soybean Oil Prices Surge Again

Soybean oil prices have increased again. According to the new price, the new price of bottled soybean oil has increased by Tk 10 per liter to Tk 173. 5 liters of soybean oil will be sold at Tk 845.

Bangladesh Vegetable Oil Refiners and Bonaspati Manufacturers Association informed this information in a press release on Tuesday (April 16).

It is said in the notification that the period of notification issued on February 7 at the stage of import and production of edible oil raw materials has expired on April 15. As a result, edible oil (refined palm oil and refined soybean oil) will be supplied in the market from April 16 at pre-VAT prices.

According to the notification source, every liter of bottled soybean oil will be sold at Tk 173 from today. Besides, 5 liters of bottled soybean oil will be sold at Tk 845. And the price of open palm oil per liter has been set at Tk 132.

Meanwhile, State Minister for Commerce Ahsanul Islam Titu said that the price of soybean oil will not decrease in Meet the Reporters organized by Dhaka Reporters Unity. There is no option to go back to the previous price. But a new price will be fixed by the Tariff Commission.

The state minister said that the price of oil has decreased by Tk 10 per liter due to the reduction of only 5 percent tax on soybean oil. It is not logical to collect revenue by taxing oil and rice. It involves common people's interests.

Meanwhile, on Tuesday (April 16) in Meet the Press at Dhaka Reporters Unity, the Minister of State for Commerce said that Iran and Israel have attacked suddenly. We didn't know that. Fuel oil and other products come from the Middle East. Now I don't know if Israel will counterattack Iran. Then keeping in mind all the factors so that the price of the product does not increase, we are trying to bring alternative products.

He said, the price of soybean oil will not decrease. There is no option to go back to the previous price. But a new price will be fixed by the Tariff Commission. The price of soybean oil has come down by Rs 10 per liter due to a mere 5 percent tax cut on soybean oil. It is not logical to collect revenue by taxing oil and rice. It involves common people's interests.