The Bangladesh Vegetable Oil Refiners and Bonaspati Manufacturers Association recently wrote to the Ministry of Commerce and the Bangladesh Trade and Tariff Commission that it has proposed to increase the prices of soybean and palm oil from April 1.

The new price, including 15 percent VAT, will be effective from April 1, the day after the expiry of the tax concession period for edible oil. As a result, the price of bottled soybean oil has been increased by Tk 18 per liter to Tk 193. The cost of 5 liters of bottled soybean oil will be Tk 935.

In addition, the price of refined soybean oil will be Tk 170 per liter, and refined palm oil will also be sold at the same price. As a result, the prices of refined soybean and palm oil will increase by Tk 13 per liter.

This is a big change, as the government had fixed the price of edible oil in the market on December 9. At that time, the price of bottled soybean oil was 175 taka, and the price of open soybean and palm oil was 157 taka.

To keep edible oil prices affordable, the government has given several rounds of VAT and import-level customs duty concessions, the validity of which was extended till March 31. However, the National Board of Revenue (NBR) recently did not accept the recommendations of the Bangladesh Trade and Tariff Commission, resulting in the new prices being effective from April 1.

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