The Edible Oil Producers Association has fixed the new price of soybean oil. Bottled oil has been increased by Tk 12 per liter, as a result from now the real price will be 199 taka.

This information was known around 11:30 today. This new price will be effective from today.

On November 17, the association increased the price of bottled soybeans by Tk 12 per liter. Before that, the price of bottled soybean was Tk 178 per liter.

According to traders, a notification issued by the National Board of Revenue (NBR) on March 16 last year to impose a 5 percent VAT on the import of edible oil expired on April 30. As such, from May 1, the raw material of edible oil is supposed to be redeemed with 15 percent VAT at the import level. Besides, edible oil should be supplied to the market from tomorrow with 15 percent VAT at the production level as well.

According to the Ministry of Commerce, the country has an annual demand of 2 million tonnes of edible oil. Among them, the demand for Ramadan month is 3 lakh tons. Local production is two lakh tons, and the remaining 18 lakh tons have to be imported.