The government has cut the mill-gate prices of soybean oil after the authorities concerned waived value-added tax on production, imports and sales of cooking oil.
The new prices were re-adjusted in a meeting between officials of the commerce ministry and owners of mills and refineries, Commerce Secretary Tapan Kanti Ghosh, reports bdnews24.com.
In line with the new rates, one-litre bottles of soybean oil will be sold at the mill gates at Tk 160 and 5-litre bottles at Tk 760. Unpacked soybean oil has been priced at Tk 137 per litre.
The prices will become effective on Monday and it will take five to seven more days for the new rates to be reflected at the consumer level, Tapan said.
He also said palm oil prices would be re-fixed later after the government gathers more data and holds a meeting with the owners on Tuesday.
The government increased the price of bottled soybean oil by Tk 8 to Tk 168 per litre on Feb 6. The price of 5-litre bottle was fixed at Tk 795 and unpacked soybean oil price was raised by Tk 7 to Tk 143 per litre.