Traders propose raising edible oil prices by Tk 10 per litre

Traders have proposed increasing the prices of edible oil by Tk 10 per litre as the tax exemption deadline on it expired on April 15.

Bangladesh Vegetables Oil Refiners’ and Vanaspati Manufacturer’s Association (BVORVMFA) sent a letter to the senior secretary of the commerce ministry in this regard on Monday.

The letter was issued by executive officer of BVORVMFA Nurul Islam Mollah, reports UNB.

The letter stated that as tax exemption on the import of raw materials and production of edible expired on April 15 so it will be supplied at the prices fixed before the exemption of VAT.

As per new rate, a litre bottle of soybean oil will be sold at Tk 173, while 5 litre bottle at Tk 845 and a litre palm oil at Tk 132.

In February the National Board of Revenue reduced the Value Added Tax on refined and crude (non-refined) soybean and palm oil to 10 percent from 15 percent.

However, state minister for commerce Ahasanul Islam Titu at a meet the press at Dhaka Reporters ‘Unity on Tuesday said there is no scope to hike prices of edible oil.

He said the edible oil price can be adjusted with the international market rate but it will take time.

The state minister also said the price hike would be considered on the import of new shipment of the edible oil.