Bangladesh has imported around 90,000 tonnes of edible oil from abroad at a lower rate after the reduction of value-added tax (VAT) on the import of the commodity.
Commerce Minister Tipu Munshi gave the information while briefing reporters after chairing the first meeting of a task force to review the price of essentials and the market situation held at the commerce ministry conference room on Monday, reports BSS.
"The impact of VAT reduction on edible oil has already been seen in the market. The edible oil at the retail level is being sold at Taka 162 to Taka 168 per litre," the minister said.
He said the local market has sufficient stock of edible oil.
The government is monitoring the supply of essential items, according to the minister.
Tipu also informed that the ministry of home affairs and the concerned law enforcement agencies would extend necessary cooperation and support in this regard.
Earlier on March 16, the National Board of Revenue (NBR) reduced VAT from 15 per cent to 5 per cent at the import level on soybean oil and palm oil to rein in the high price trend.
Answering a question, the commerce minister said that he talked with the home minister to enquire whether there is any incident of extortion from goods transportation to marketing.
"He (home minister) has assured me of taking necessary steps in this regard," Tipu said.
Tipu Munshi mentioned that the Trading Corporation of Bangladesh (TCB) has a stockpile of around 30 per cent of the demand for essential items.
Replying to another question, the commerce minister said that it was not the jurisdiction of his ministry to look after the price of vegetables. "But, I think if the local supply chain could have been further developed, then it would have been possible to reduce the price of vegetables at the retail level," he said.
He opined that the price of vegetables including eggplant is much lower compared to the capital.
Tipu said to avert any disruption in the supply chain, a specific timeframe has been fixed for the suppliers including that the refineries of the edible oil so that they could supply products within their stipulated timeframe.