Traders have proposed increasing the prices of edible oil by Tk 10 per litre as the tax exemption deadline on it expired on April 15. Bangladesh Vegetables Oil Refiners' and Vanaspati Manufacturer's Association (BVORVMFA) sent a letter to the senior secretary of the commerce ministry in this regard on Monday. The letter was issued by executive officer of BVORVMFA Nurul Islam Mollah. Dhaka district receives lion's share of remittances so far in current fiscal: BB Report The letter stated that as tax exemption on the import of raw materials and production of edible expired on April 15 so it will be supplied at the prices fixed before the exemption of VAT. As per new rate, a litre bottle of soybean oil will be sold at Tk 173, while 5 litre bottle at Tk 845 and a litre palm oil at Tk 132. In February the National Board of Revenue reduced  the Value Added Tax on refined and crude (non-refined) soybean and palm oil to 10 percent from 15 percent. However, state minister for commerce Ahasanul Islam Titu at a meet the press at Dhaka Reporters ‘Unity on Tuesday said there is no scope to hike prices of edible oil. All factories have paid March salaries and Eid bonuses: BGMEA President He said the edible oil price can be adjusted with the international market rate but it will take time. The state minister also said the price hike would be considered on the import of new shipment of the edible oil.

The government has cut the edible oil price by Tk5 per litre and fixed the maximum retail price of per-litre bottle of soybean oil at Tk 187 from Tk 192. The new price of oil will be effective from next Sunday (November 18). As per discussion with the Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORBMA), the association of the owners of edible oil refining and marketing companies, the Ministry of Commerce issued a notification in this regard on Thursday. Read more: TCB to procure 2.75 crore litres of soybean oil As per the new rates, the price of loose soybean oil has been fixed at Tk 167 and bottled soybean oil at Tk 187 per litre. A 5-litre bottle of soybean oil price is set at Tk 906 and palm oil at Tk 117 per litre. At present, loose soybean oil retail price is Tk 172 per litre, bottled soybean oil is Tk 192 and a 5-litre bottle is Tk 925 in the retail market. Besides, the price of palm oil is 121 Tk per litre.

The Commerce Ministry has set the price of packet sugar at Tk 89 per kg, loose sugar at Tk 84, and palm oil at Tk 133 per liter. The ministry today issued a notification in this regard as per the recommendation of Bangladesh Trade and Tariff Commission (BTTC). According to the recommendations of BTTC, a concern of the ministry, per liter of palm super (open) oil will be sold at Tk 128 in millgate, distributors will sell it at Tk 130, and at the retail or consumer level, it will be sold at Tk 133. Each kg of loose sugar can be bought at the millgate at Tk 79, at the distributor level at Tk 81, and at the retail level at Tk 84. And the distributors will buy packaged sugar at Tk 82 at millgate and sell it at Tk 84 at the consumers’ level. Also read: TCB to procure 1.65 cr litres of edible oil from local suppliers again Until today, the price of palm super oil (loose) was selling at Tk 145 per liter and unpacked sugar at Tk 90 per kg at the retail level. Also read: Edible oil prices likely to drop soon: Commerce Minister Accordingly, the price of palm oil decreased by Tk 12 per liter and the price of sugar decreased by Tk 6 per kg.

The statement by the commerce minister that his big mistake was to trust oil traders around Eid on  hoarding and price fixing was hilarious and scary at the same time. It showed anything can be done and blamed on the upbringing. Also read:Dealers, retailers betrayed me on edible oil price: Commerce Minister In the West, rapists do it commonly and even murderers do so blaming childhood trauma for their crimes committed later on. Our minister is not in the same sector but to say he trusted the traders who have a long history of economic crimes is extreme naiveté.  That he was taught to trust others as a child hence the edible oil crisis could be stated and got away with only in Bangladesh where ministers matter less and less.    When he said that he had learnt to trust all and he found that the traders hadn’t kept their word on not hoarding and price fixing, he was admitting failure. What he is saying is that he didn’t know that they never planned to keep their word.  And that’s the whole point. His job is not to trust but make sure disasters don’t happen whatever be their childhood trauma.   Thus like many who refuse to take responsibility for their acts he did nothing either. His prime role is to protect the interest of the consumer and not show nostalgia for his past.  In the end, it sounded like the fault was not his but that of the hoarders only and perhaps his simple minded pious parents . Also read:TTE suspension: Railway minister embarrassed by his wife’s involvement The Minister being a hugely successful businessman himself should know how things happen in Bangladesh and act accordingly. At least this excuse doesn’t work as one in this case. The accusation against the business community has gone against himself. And as a result, the AL regime is being blamed as a party to the edible oil crisis.   What the Railway and the Commerce Ministry incidents have done is expose the level of commitment and competence the Ministers may have. Both came out looking poorer showing low levels of judgment. It will not go much against them as it really doesn’t matter who they are and what they do. But it will affect the regime and its leadership. Things can be done better and should have been than these rather shoddy displays of performance and even greater displays of creative excuses for not doing their jobs properly.   

Commerce Minister Tipu Munshi on Monday said the dealers and retail businesses betrayed him by increasing the price of edible oil during the month of Ramadan.   “I had made a mistake by urging them to keep the prices of edible oil at a tolerant level during the Ramadan. They (dealers and retailers) did not keep my words. I was wrong,” he said. He was speaking at a press conference on the market management of the edible oil at his office on Monday.  Admitting his ministry’s failure to control the price hike of this daily cooking ingredient, Tipu said, “It’s our failure. We had asked them not to increase the prices of edible oil. But they did not follow our instructions during the seven days of the Eid celebration. We have directed all organisations concerned to keep the oil prices at a level fixed by the government.”   Also read: Govt approves fresh hike in edible oil price effective Friday About the syndicate over edible oil, the minister said he didn’t find its existence. Blaming the retailers and dealers, Tipu said there is no chance of syndication of lakhs of dealers across the country.  “The government has withdrawn 10 per cent VAT on edible oil on March 20 as per our request. The price of soybean oil was reduced to Tk 10 at that time. We have taken weekly information from big companies. Problem was created as retailers and dealers knew that oil prices will be fixed after Ramadan.           Many businessmen hoarded edible oil before Eid. That was the fraud.” The commerce minister also mentioned that the price of edible oil has also been increased at Tk 10-12 in neighboring India.  Expressing his firm commitment to monitoring the edible oil market regularly, he said, the government will not put pressure on the businesses though. He, however, assured punitive action will be taken against the hoarders. Tipu said his ministry will provide one crore daily commodities from next June through the Trading Corporation of Bangladesh (TCB).  Also read: Soybean oil price jumps as Indonesia bans export of palm oil At the press meet, City Group Chairman Fazlur Rahman said he will extend all kinds of cooperation to the government to keep the prices of edible oil stable.

The government has approved a fresh hike in the prices of soybean and palm oil by Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers Association on grounds of increase in the global market. The association, BVOVMA, fixed bottled soybean oil at Tk 198 per litre while loose soybean oil at Tk 180 per litre, effective from Friday. Also read: Around 23 million litre soybean oil arrives at Chittagong port amid growing demand It means bottled soybean oil price increases by Tk 38 per litre and loose soybean oil price up by Tk 44 per litre. The five litre container of soybean oil will be sold at Tk 995, which was earlier sold at Tk 760. The refined palm oil loose will be sold at Tk 172 per litre from Friday. The Ministry of Commerce on Thursday approved the rate of edible oil submitted by the BVOVMA before the Eid holiday. Also read: Soybean oil price jumps as Indonesia bans export of palm oil

The price of edible oil in the country will come down very soon due to various initiatives taken by the government, said Law Minister Anisul Huq on Friday. "The price of edible oil has not increased so much in the last 40 in the world like now which has affected Bangladesh" he said while addressing a special extended meeting of Kasba Upazila Awami League at Kasba Upazila Parishad Auditorium in Brahmanbaria. The minister said the government has taken all possible steps to control prices. He also urged the people to be patient now. Regarding the newly formed election commission, the law minister said, “Hopefully, they will arrange the election for district councils.” Read: LGRD minister blames soaring prices of essentials on pandemic & war He also said, “If there is a need to amend the law, the government will try to do so as soon as possible for the sake of the ( district council) election.” Kasba upazila Awami League vice-president Mojibur Rahman, joint general secretary Mahabubul Bari Chowdhury Montu, Kasba upazila parishad chairman Rashedul Kawser Bhuiyan and Kasba Municipality Mayor Golam Hakkani, were present at the meeting, among others.

The price of edible oil may rise again in Bangladesh if it is increased in Brazil as the country imports it from the Latin American country, said Commerce Minister Tipu Munshi on Saturday. The minister said this while talking to journalists at Sheikh Shafi Commerce College in Lalmonirhat. “The prices of essentials usually go up during the month of Ramadan. Efforts are on to keep the prices stable in the market during the period,” he said, adding that the selling of goods through OMS will be doubled during Ramadan. Also read: No hike in edible oil prices in 15 days, readjustment after that: Minister To keep the prices of daily essentials within people’s purchasing capacity, the market is being monitored, Tipu Munshi added.

The price of edible oil will not be increased until the integrated and uniform pricing system is finalized. The decision was taken after a tripartite meeting at the commerce ministry on Thursday afternoon, said AHM Safiquzzaman, additional secretary (Import and Internal Trade). Read: Soaring prices of key items in Dhaka turn up heat in the kitchen Safiquzzaman told reporters that the proposal of price hike by Tk 8 to Tk 10 for per litredible oil was not approved. At present the price of bottled soybean oil is Tk160 per litre. The traders  proposed to increase the price of this edible oil by Tk 8 per liter. In that case, the price in the retail market would be Tk168 per litre. The mill's gate price would be Tk158, and the distributor price would be Tk 162 per litre.