The government of Bangladesh is likely to save Tk 10,000 crore annually from importing oil in the next three years as a revolution is taking place in mustard cultivation, said Agriculture Minister Dr Abdur Razzaque on Sunday (January 08, 2023). “The government has to import 90 percent edible oil from abroad to meet the demand for edible oil. As a result, it has to spend Tk 25,000 crore in a year. In such situation, the government has taken a roadmap to reduce import dependency by producing 50 percent of the demand in the country,” he said. Read: 5% cut in VAT on imported edible oil extended till April 30 Razzaque came up with the information, while talking to reporters after a views-exchange meeting with farmers at Kalaroa upazila in Satkhira district. Honey cultivation has also been increased in the country, he added. On the other hand, the farmers are benefitting by cultivating mustard in their Aman, Boro and barren lands, said the minister. Read: 50 percent edible oil to be produced in country by next 3 years: Agri Minister He also assured people of providing necessary support to ensure fair prices to the mustard growers. Talking about BNP’s movement, Razzaque said “People have no connection with BNP’s movement and BNP cannot topple the government through movement, so there will be no difference to their movement.” Referring to the Anti-Corruption Commission (ACC), the minister said ACC is doing its work independently and the government has no control over it. “ACC has established the rule of law by taking action against corruption. So BNP is misguiding people by saying ACC is suppression commission." Read More: TCB to procure 1.65 cr litres of edible oil from local suppliers again.

The government has issued gazette notification reducing Value Added Tax (VAT) at import level by10 per cent to make it 5 per cent for soybean and palm oil. Read: Gazette notification: VAT on edible oil withdrawn The notification will be effective immediately until June 30.