Ramadan market: Soybean oil price to be slashed by Tk 10 per litre

The price of soybean oil will come down by Tk 10 a litre from 1 March.

The decision was taken at a meeting of the task force on monitoring the market situation and commodity prices at the commerce ministry Tuesday.

State Minister for Commerce Ahasanul Islam chaired the meeting.

Speaking to Prothom Alo, CityGroup director (corporate and regulatory affairs) Bishwajit Saha told Prothom Alo that Soybean oil price will come down by Tk 10 per litre.

He further said that a new price will be fixed after the Eid-ul-Fitr.

Mentioning that the National Board of Revenue (NBR) has cut the duty for edible oil by Tk 5 litre, the state minister for commerce requested the tradespersons, “The government has exempted Tk 5 (per litre). Please exempt Tk 5 as Ramadan is knocking at the door.”

The millers and oil refiners who attended the meeting complied with the request.

As a result, the bottled soybean oil will be sold at Tk 163 per litre instead of existing Tk 173 from 1 March while the price of 1 litre loose soybean oil will be Tk 149.