Traders have proposed raising the price of edible oil by Tk 14 a litre in one step ahead of the coming Ramadan, Bahumatrik reports. They cite higher booking prices on the world market and rising international freight costs. At the same meeting, date importers asked for the current high duties to be withdrawn and for tax relief.
The proposals came at a review meeting between Commerce Minister Khandaker Abdul Muktadir and stakeholders, held to look at import preparations for essential goods, market supply and the likely price situation before Ramadan.
According to people at the meeting, the ministry gave no immediate positive response to the Tk 14 proposal and took no final decision. It did promise to settle the question of duty relief on dates quickly, in talks with the National Board of Revenue (NBR), so that imports stay normal.
On 2 September the government raised the price of bottled soybean oil by Tk 5 to Tk 204 a litre, leaving loose soybean and palm oil prices unchanged. The commerce secretary at the time, Md Ataur Rahman Khan, gave higher international raw material prices and transport costs as the reasons.
Traders wanted a bigger rise then too. Against a proposal for Tk 10 a litre, made on the recommendation of the Bangladesh Trade and Tariff Commission, the government allowed Tk 5. Asked whether prices would rise again before Ramadan, the secretary said it would depend on the situation. Two months later, traders have now formally asked for Tk 14.
Edible oil and dates are on almost every household shopping list in Ramadan. Most of both is imported, so world prices and duty decisions pass straight to consumers. What the ministry decides on the proposal is still to come.
Reported by the Bahumatrik desk.
Photo: soybean oil, United Soybean Board / Wikimedia Commons (CC BY 2.0)
Source: Bahumatrik
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