Soybean oil price hiked by Tk 14 to Tk 189 per litre

The ministry of commerce has increased the price of bottled soybean oil by Tk 14 per litre. 

As per the new pricing, the retail price of bottled soybean oil has jumped to Tk 189 from Tk 175 per litre.

The price of pump oil has been increased by Tk 12 per litre. 

The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association announced a hike in oil prices through a notice on Sunday.

After that the commerce adviser announced the price hike at the Secretariat on Tuesday.

The association was pushing for a price revision as the benefit of reduced VAT expired on March 31.

In the wake of price volatility and supply shortage of edible oil, the National Board of Revenue (NBR) last year slashed VAT at the import stage to 5 percent and exempted the indirect tax on domestic production and trading. 

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