The government has decided to reduced the price of edible oil, Senior Secretary of Ministry of Commerce Tapan Kanti Ghosh said today.

Loose soyabean oil price up Tk 9 per litre, 5-litre bottle up Tk 54

The government today reduced the palm oil (super) price by Tk 8 per litre and raised the sugar price by Tk 6 per kg.

Refiners have hiked the prices of soybean oil by nearly 4 per cent to Tk 192 per litre, said a press release today.

The prices of edible oil may decline in the domestic market of Bangladesh soon as the prices are falling in the international markets, said Senior Commerce Secretary Tapan Kanti Ghosh today.

Oil prices drifted higher on Wednesday, anticipating a report of low U.S. oil stocks, while expectations of solid demand in the upcoming driving season also lent support.

Edible oil prices may come down soon in the local market of Bangladesh on the back of the downturn trend in prices in the international market, Commerce Minister Tipu Munshi said today.

The National Board of Revenue (NBR) yesterday cut value added tax (VAT) at imports of edible oil to 5 per cent from 15 per cent in line with the government’s decision to reduce the indirect tax to give some relief to consumers.