The Bangladesh government has announced a considerable drop in the price of soybean oil by Tk 10 per litre beginning March 1, 2024, to offer assistance to customers.

Ahasanul Islam Titu, the state minister for commerce, made this declaration during an important meeting at his ministry's secretariat office with the "Task Force on Review of Commodity Prices and Market Situation."

Right now, a liter of bottled soybean oil costs Tk 173 at retail. The impending adjustment will result in a price reduction to Tk 163. In addition, a 5-litre can will be sold for Tk 800 and the price of open (loose) soybean oil would drop to Tk 149.

The state minister did, however, say that for the time being, palm oil prices will not change.

Titu provided information on what the government anticipates from the business community, saying, "The Prime Minister anticipates that major corporations and businesspeople will fulfill their social obligations. We addressed them after considering all the variables, and they consented to lower the price of edible oil by Tk 10 per liter.

This price change is in accordance with the government's tax reduction circular, which was released on February 8 and intends to facilitate imports and increase the supply of necessities such as 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," said Titu.

In response to a specific request from the government, companies have committed to adopting the new rates starting on March 1, despite the logistical obstacles and the short lead-time before Ramadan.

Consumer financial strain is anticipated to lessen as a result of the government's proactive measures and the business community's cooperative attitude, particularly in the run-up to the holy month of Ramadan.

End//voice7news.tv