The refiners have decided to start selling soybean oil at Tk 163 a litre from tomorrow, a Tk 10 down from the existing rate.

"The customers will be able to buy soybean oil at the new price from tomorrow," Taslim Shahriar, deputy general manager at Meghna Group of Industries, one of the biggest commodity importers and processors, told The Daily Star today.

The refiners' decision came after a meeting between the commodity processors and officials of the commerce ministry held at the Secretariat in Dhaka on February 20.

In the meeting, Ahasanul Islam Titu, state minister for commerce, asked the refiners to cut soybean oil prices.

In February, the National Board of Revenue lowered customs tariffs on rice, sugar and dates and removed value-added tax on edible oil imports so that the prices of the four commodities fell, easing inflationary pressure on consumers.

In Bangladesh, inflation persisted over 9 percent since March last year, eroding the buying power of the poor and the low-income groups.