Soybean oil prices hiked by Tk 14 per litre

The government has increased retail prices for both branded and non-branded soybean oil. 

Branded bottled soybean oil now costs Tk189 per litre, up by Tk14, while non-branded loose soybean oil has risen by Tk12 to Tk169 per litre, according to Md Kamal Hossain, public relations officer at the Ministry of Commerce. 

The decision follows a review meeting on edible oil imports and supply at the secretariat.

On April 13, the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association announced a price hike, citing the expiration of reduced VAT on March 31. 

Previously, the National Board of Revenue (NBR) had lowered VAT to 5 percent at the import stage and exempted it on domestic production and trading to address price volatility and supply shortages. 

With the reduced rate now expired, the standard 15 percent VAT has been reinstated.

Bangladesh consumes approximately 24 lakh tonnes of edible oil annually, with imports meeting about 90 percent of the demand, according to the Bangladesh Trade and Tariff Commission (BTTC).