Refiners want Tk 10 hike in edible oil price

The refiners want to hike retail edible oil price by Tk 10 per litre as the reduced value-added tax (VAT) benefit they have been enjoying for the last two months expired yesterday.

The Bangladesh Vegetable Oil Refiners' and Vanaspati Manufacturers' Association in a letter to the commerce ministry yesterday said they want to refix the retail price of bottled soybean oil to Tk 173 a litre, five-litre cans Tk 845 and loose palm oil Tk 132 a litre.

However, State Minister for Commerce Ahsanul Islam Titu at an event in Dhaka today said there is no scope for increasing the edible oil prices now, but these can be reviewed.

At a 'Meet the Reporters' event organised by the Dhaka Reporters Unity, Titu also said he was not aware of the price hike declaration by the refiners.

The refiners said the National Board of Revenue cut VAT at import stage of soybean and palm oil to 10 percent from 15 percent through a notification on February 7 this year and exempted the indirect tax at production and trading stage to contain prices of the essential item ahead and during the fasting month of Ramadan.

The privilege ended on April 15, according to the statement.

The association increased the prices citing the expiry of the reduced VAT benefit, according to the statement.