Soybean oil and palm oil prices have increased consistently in the global market over the last few months. Among them, the price of crude soybean oil increased by 14.8 percent and the price of RBD palm oil by 18.68 percent. In this situation, it has been proposed to exempt the existing duty of 5 percent at the import level and the total value added tax levied at the production and trader level on the import of edible oil.

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On Tuesday (October 15) at noon, trade advisor Dr. This proposal was made in a meeting with edible oil business leaders in the conference room of the Ministry of Commerce under the chairmanship of Salehuddin Ahmed.

It is known that the price of soybean oil and palm oil was last adjusted on April 18 this year. Soybean oil and palm oil prices have increased consistently in the global market over the last few months. Among them, the price of crude soybean oil increased by 14.8 percent and the price of RBD palm oil by 18.68 percent.

In the meeting, it has been proposed to bring down the existing duty at the import level to 5 percent without increasing the price at the local level and to withdraw all types of duties at the local production and business level.

Bangladesh Vegetable Oil Refiners Association said that as a result of such duty exemption, the existing price of edible oil will remain unchanged without increasing the price.

It was decided to send a proposal/recommendation to the National Board of Revenue (NBR) from the Ministry of Commerce in this regard. Later NBR will decide on what to do.