The government has fixed the maximum price of edible oil

News Desk: The government has set a maximum limit per liter of edible oil in accordance with the uniform pricing system to keep the price of crude soybean and palm oil stable.

Commerce Minister Tipu Munshi made the announcement at a press conference after a meeting of the National Committee on Marketing and Distribution of Essential Products at the Secretariat on Wednesday (February 17th).

The commerce minister said the price has been fixed in consultation with edible oil importers and traders. With the month of Ramadan ahead, there are currently enough stocks. The price is determined after all the calculations.

Mentioning that the price will be controlled with a firm hand, the minister said, if the price goes down, it will be considered, even if it goes up, it will be considered. We have to import 90 percent of the oil we use. He said the soybean (open) mill gate has been fixed at Tk 108 per liter, distributor at TK 110 and retail price at Tk 115 per liter.

Bottled soybean mill gate price is Tk 123 per liter, distributor price is Tk 128 and retail price is Tk 135. 5 liter bottled soybean mill gate price is 565 taka, distributor price is 600 taka and retail price is 625 taka. About 80 per cent of the oil we use in our country is palm super, with a mill gate price (open) of Tk 95 per liter, a distributor price of Tk 98 and a retail price of Tk 104.

Stating that the price of oil has risen by 75 per cent in the last six months in the international market, the minister said, "Shipping costs have also gone up. The Board of Revenue has already been requested by the Ministry of Commerce to determine the VAT levied on imports of unrefined soybeans and palm oil at a more reasonable rate considering the interests of the consumers.

As the price of edible oil remains volatile, meetings of the National Committee on Marketing and Distributors of Essential Products will be held every month, the minister said. The meeting was attended by Commerce Secretary Zafar Uddin, Citigroup Chairman Fazlur Rahman, edible oil importers and business leaders. Commerce Secretary.

Md. Zafar Uddin was present on the occasion - Director General of the National Consumer Rights Protection Department Bablu Kumar Saha, BFTI Director. Obaidul Azam, Member of Bangladesh Trade and Tariff Commission (Commerce Policy) Abu Raihan Alberuni, Member of NBR (Customs) Syed Golam Kibria, Additional Secretary (Export) of the Ministry of Commerce.

Hafizur Rahman, Director General of the WTO Cell (Additional Secretary) said. Hafizur Rahman, Meghna Group Chairman Mostafa Kamal, TK Group Director. Safiul Afsar Tajlim, Citigroup Advisor Amitabh Chakraborty, S Alam Group Senior General Manager Kazi Salah Uddin Ahmed and others. Representatives of National Security Agency DGFI and NSI were also present.