The government on Sunday reduced the maximum retail price (MRP) of bottled edible oil by Tk 8 to Tk 160 per litre.
The new rate has been fixed after a cut from existing Tk 168, which was approved by the government on February 06 last.
The government fixed the MRP of a five-litre soybean oil jar at Tk 760 and the MRP of one litre loose soybean was also fixed at Tk 136.
Senior secretary of the Commerce Ministry Tapan Kanti Ghosh announced the new rates of edible oil at a press conference at his Secretariat office.
The new prices will take five or six days to be effective at the retail level and the reduced rates will remain in force until Eid-ul-Fitr, he said, adding the prices at the mill gates will be effective from today (Monday).
Replying to a question, Tapan Kanti Ghosh said, "We will sit after Eid-ul-Fitr to review the prices of soybean oil."
The commerce ministry will sit tomorrow (March 22) to fix the MRP of palm oil, said the senior secretary.
The government fixed the new rates following a review meeting with the oil refiners on prices of edible oil at the ministry on Sunday.
AHM Shafiquzzaman, director general of the Directorate of National Consumers' Right Protection, and senior officials of the commerce ministry were present at the meeting.
The prices of edible oil have been reduced following waiver of value-added tax on its production, trading and import, Mr Ghosh mentioned.
Oil refiners have assured the government of their cooperation in maintaining adequate supply of the essential cooking item in the market.
On February 06, the commerce ministry had fixed MRP of soybean oil at Tk168 a litre, that of five-litre jar at Tk795 and loose soybean oil at Tk143 a litre at retail level.
In October 2021, the MRP of soybean oil was fixed at Tk160 a litre by the government.
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