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The Financial Express

CAB urges govt to readjust edible oil prices

'BTTC not eager to cut prices'


| Updated: June 28, 2022 09:48:08


CAB urges govt to readjust edible oil prices

The Consumers Association of Bangladesh (CAB) urged the government to readjust edible oil prices in the country following a downward trend of their rates in the international market.

Vice-President of CAB central committee S M Nazer Hossain came up with the call through a statement on Friday.

He said as per the World Bank reports, the average price of crude soybean oil was US$ 765 a tonne in the international market in 2019, $ 838 in 2020 and $ 1,385 in 2021.

The prices of soybean oil increased to $ 1,956 a tonne in March 2022, but decreased to $ 1,947 in April 2022.

He also said the crude soybean oil price in the international market is now $ 1,464 a tonne.

"We call upon the government to readjust the prices of edible oils for interest of the consumers, considering the declining price trend in the international market."

The CAB statement noted that the government waived value added tax (VAT) on import of crude edible oils. But their prices were still high in the local market, causing great disappointment to the consumers.

Mr Nazer Hossain further said the prices of soybean oil in the local market increased five times from October 2021 to June 2022.

He alleged that the Bangladesh Trade and Tariff Commission (BTTC) becomes enthusiastic to increase the prices of edible oils when their prices increase in the international market.

But the agency shows little interest to readjust oil prices downward when these decrease in the global market, he added.

The government revised the prices of edible oils on May 5. The prices were revised again on June 9.

The government, refiners and traders fixed mill-gate price of lose soybean oil at Tk 180 a litre, Tk 182 at distributor level, and Tk 185 at retail level.

The mill-gate price of pet bottle soybean oil was fixed at Tk 195 a litre, Tk 199 at distributor level, and Tk 205 at retail level.

The mill-gate rate of palm oil was fixed at Tk 153 a litre, Tk 155 at distributor level, and Tk 158 at consumer level.

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