The proposal was made during a meeting on Tuesday between edible oil traders and Commerce Advisor Salehuddin Ahmed at his office, according to the ministry's spokesperson Md Kamal Hossain. The NBR had already zeroed out customs duties for edible oil, and there are no regulatory duties in place. The benefit ended on April 15, leading edible oil traders to announce a price increase of Tk 10 per kg the following day. Over the past few months, the global prices of soybean and palm oil have risen steadily, with crude soybean oil increasing by 14.8 per cent and RBD palm oil by 18.68 per cent. The Bangladesh Vegetable Oil Refiners and Vanaspati Manufacturers Association said waiving such duties would allow existing edible oil prices to remain stable without further increases.

Source: bd News24 October 15, 2024 15:42 UTC