Edible oil refiners in Bangladesh have announced a reduction in soybean oil prices by Tk 10 per litre, effective from March 1. This price cut will lower the cost of a one-litre container of soybean oil to Tk 163, a decrease from the current price of Tk 173. However, there has been no decision to reduce palm oil prices. This decision follows a meeting between commodity processors and officials of the commerce ministry, in response to the National Board of Revenue lowering customs tariffs on rice, sugar, and dates, and removing the VAT on edible oil imports. The aim is to reduce commodity prices and alleviate inflationary pressures. Bangladesh has been experiencing inflation rates over 9 percent since March of the previous year. The reduction in duty and VAT on edible oil imports is expected to impact prices by Tk 5 per litre, but the reduction has been doubled to Tk 10 per litre as per the ministry's directive.
