Edible Oil Refiners In Bangladesh Seek

1. Edible Oil Refiners In Bangladesh Seek To Increase Prices By 9.62% As Industry No Longer Enjoys Reduced Tax Benefit Starting May 1 On April 30, edible oil refiners in Bangladesh sought to raise their prices by as much as 9.62% because the industry would no longer benefit from a reduced tax rate after its one-year tenure is up. Meanwhile, starting today, refiners in the country will be required to pay 15% VAT on imports of unrefined edible oil. The Objective Due to insufficient domestic production, Bangladesh currently imports more than 90% of the edible oil it needs. In March of the previous year, the National Board of Revenue (NBR) reduced the value- added tax (VAT) on edible oil from 10% to 5% in an effort to give consumers some relief from rising international prices. Implementation However, because of the decline in global prices, the government might not accept the proposal, according to a commerce ministry official who spoke on the record. He mentioned in a statement, “A decision will be taken in this regard only after the Bangladesh Trade and Tariff Commission examines the proposal in detail,” and added that they would be meeting with the industry stakeholders on 3rd May to discuss further steps to be taken.

2. Pricing Millers and refiners suggested in a letter to the commerce ministry that the retail price of soybean oil be raised from Tk 187 to Tk 205 per liter. Additionally, the letter mentioned that the price of 5- liter bottles of the commodity is hiked from Tk 906 to Tk 1,005 and that soybean oil should be priced and sold at Tk 185 rather than at Tk 167. It also suggested increasing the cost of loose palm oil from Tk 117 per liter to Tk 129. Senior Commerce Secretary Tapan Kanti Ghosh, however, stated that the ministry would write to the NBR shortly to request the continuation of its reduced VAT benefit. He added that, “If the NBR follows the ministry's proposal, then prices of edible oil may be readjusted to a lower level. If not, then prices will go up," he added. Sugar Pricing At the time of this development, Consumers were already in disbelief over the historically high prices of other basic kitchen supplies like sugar. According to Ghosh, the sweetener's domestic prices have increased in line with its value on a global scale. In international markets, sugar was traded yesterday for $680 per tonne, up from $475 per tonne more than a month ago. As a result, the price of the sweetener has increased from Tk 120 per kilogram during Ramadan when the price was not adjusted to as much as Tk 135 per kilogram in local markets. If you are an Edible Oilimporter wishing to Buy Edible Oil in Bulk or an Edible Oil exporter willing to export Edible Oil wheat, then Tradologie.com is the right platform for you. Tradologie is a Software as a Service platform that facilitates bulk agro-trade across the globe. Through Tradologie’s interface, buyers can avail the best qualities of agro-commodities at negotiable rates. The transaction-oriented platform has 600,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 150 countries. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.