Online Desk:  In a significant move aimed at providing relief to consumers, the government has declared a reduction in the price of soybean oil by Tk 10 per litre starting March 1, 2024.

This announcement was made by State Minister for Commerce, Ahasanul Islam Titu, following a crucial meeting with the ‘Task Force on Review of Commodity Prices and Market Situation’ at his ministry’s Secretariat office.

As of now, the retail price of bottled soybean oil stands at Tk 173 per litre. With the upcoming adjustment, the price will drop to Tk 163. Additionally, the cost for open (loose) soybean oil will decrease to Tk 149, and a 5-litre can will be available for Tk 800.

However, the state minister indicated that the prices for palm oil would remain steady for the time being.

Titu shared insights into the government’s expectations from the business sector, stating, “The Prime Minister expects that large-scale industries and businessmen will uphold their social responsibilities. Taking all factors into account, we approached them, and they have agreed to reduce the edible oil price by Tk 10 per litre.”

This price adjustment follows the government’s tax reduction circular issued on February 8, which aims to streamline the import process and availability of essential goods like soybean oil. “It usually takes about a month for an import shipment to arrive and another two months for clearance and distribution to the consumer level,” explained Titu.

Despite the logistical challenges and the tight timeline leading up to Ramadan, businesses have committed to implementing the new prices from March 1, responding to a special request from the government.

The proactive steps taken by the government and the cooperative stance of the business community are expected to ease the financial pressure on consumers, especially in the lead-up to the holy month of Ramadan.