The commerce ministry is going to hold a meeting tomorrow after edible oil refiners sought to hike prices of soybean oil by Tk 14 or 8 percent for each litre of packaged oil.

Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association wanted to increase prices of the soybean oil as the benefit of reduced VAT expired on March 31 this year.

The National Board of Revenue earlier cut VAT at import stage to 5 percent and exempted payment of the indirect tax at domestic production and trading.

Following the end of the reduced VAT rate, a standard 15 percent VAT was reimposed.

The association said retail prices of soybean oil would increase to Tk 198 litre a bottle if the standard rate of VAT (15 percent) is considered.