It is proposed to reduce the existing duty at the import level of edible oil from 15 percent to 10 percent from 5 percent and to exempt all value added tax levied at the level of production and traders.
Trade advisor Dr. This discussion took place in view of the proposal of edible oil business leaders in the meeting held in the conference room of the Ministry of Commerce on Tuesday (October 15, 2024 AD) under the chairmanship of Salehuddin Ahmed.

Bangladesh Vegetable Oil Refiners Association said that as a result of such duty exemption, the existing price will be maintained without increasing the price of edible oil. Before this, they applied to the Ministry of Commerce for price adjustment.

In this regard, it was decided to send proposals and recommendations to the National Board of Revenue (NBR) from the Ministry of Commerce. Later NBR will decide on what to do.

It should be noted that the price of soybean oil and palm oil was last adjusted on April 18. Soybean oil and palm oil prices have increased continuously in the world market for the past few months. Among them, the price of crude soybean oil increased by 14.8 percent and the price of RBD palm oil increased by 18.68 percent.

In the meeting, Secretary of the Ministry of Commerce Mohang Salim Uddin, Chairman of National Board of Revenue (NBR) Md. Abdur Rahman, Chairman of Bangladesh Trade and Tariff Commission Dr. Mainul Khan and other edible oil business leaders were present.