Soybean oil: No real effect of reduced tariff

Soybean oil is still selling at the previous rate of Tk192 per liter arguing that the supply of reduced rate edible is not available in the market yet.


Both the wholesalers and retailers said they are selling soybean oil on Tuesday, which was bought earlier. The soybean oil at the reduced rate is not available in the market.


Rupak Saha, a wholesaler of Karwan Bazar told UNB that the soybean oil with the reduced tariff will be available within the next 2 days due to a supply chain problem.


Although the refiners announced tariff cut for both open and bottled products with effect from Tuesday (today), both categories of soybean oil is selling at the previous rates bottled at Tk 192 per liter and open at Tk 175 per liter, as the refiners are not deducting price for the already supplied soybean oil, he said.


Director General of Directorate of National Consumers Right Protection (DNCRP) AHM Shafiquzzaman said that their monitoring teams are working at the field level to ensure the new tariff on soybean oil.


He hoped that the new rate is already effective in the mill gate and it will be effective at the consumers’ level within the shortest possible time.


Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association (BVORBMA), announced a price drop of soybean oil on Monday with the effect from Tuesday.


As per the announcement, the price of open soybean oil will be Tk 158 per liter, bottled soybean at Tk 178 per liter, and 5 liters of bottled soybean at Tk 880.


Source: United News of Bangladesh