Commerce Minister Tipu Munshi said soybean oil is being sold in the market at a lower price than the price fixed by the government.
The minister said, “VAT on edible oil has been fixed to 5 percent from 15 percent. Its effect is now visible on the market, people are getting its benefits. The soybean oil that we fixed at Tk 168 is now being sold at Tk 162 in the retail market. It is being sold in the wholesale market at Tk 158.
He made the remarks after the first meeting of the Task Force Committee on Review of Commodity Prices and Market Situation at the Commerce Ministry's meeting room on Monday.
Noting that consumers started to have the benefits of VAT and tax rebates on edible oil, the Commerce Minister said, “Supervision has been intensified to keep the supply and price of edible oil normal. Efforts are being made to increase soybean oil supply to keep prices normal. The country has adequate stocks of edible oil. The condition of other products is stable. There is no shortage of products in the market.”
Tipu Munshi said, “The Ministry of Commerce is working with the Department of Consumer Protection to keep the supply chain in order, especially in the case of oil. There has been some improvement. However, there are millions of retailers in the country, there may be exceptions somewhere.”
“We don't have a big problem. There are 90,000 tons of oil reserves. Somewhere if someone tries to take a chance, we are trying to identify them. Various agencies are monitoring. Talks were also held with the Home Minister today. He wanted to know if there were any obstacles in the transportation of goods. I am trying to follow up from all sides,” added Tipu Munshi.
“If oil prices does not fall in Brazil, Malaysia or Indonesia before or after Ramadan, we will not be able to cope with Ramadan. However, as a result of reduction in VAT on oil, prices have come down. Lentils are fine,” he added.
When asked what steps would be taken to reduce the price of oil in the international market, the Commerce Minister said, “The current price of oil has been fixed at over USD 1,400. In the last few days, the price of oil in the international market has dropped and is still selling above USD 1,600. When the imported oil enters Bangladesh at this price, we will fix the average price in a month. We are exploring the international market every hour.”