Speakers urged the government to review the tax structure for crude palm oil import in Bangladesh.
The said the edible vegetable product was experiencing discrimination in market against soya bean oil due to a higher import tariff.
Council of Palm Oil Producing Countries (CPOPC) orgnanised the discussion titled “Edible Oil & Fat Consumption Trend in Bangladesh”, in association with global strategy agency Apco.
Malaysian Palm Oil Council regional manager Fakhrul Alam was the key speaker.
Apco deputy managing director Yash Kansal, Indonesian IBP University faculty Puspo Edi Giriwono and Bangladesh Edible Oil Limited senior marketing manager Faisal Mahmud, among others, participated in the discussion.
In his presentation, Fakhrul Alam, a market expert, said the consumption of palm oil has declined during the last 20 years “due to the discriminatory policy and law” for the import of edible oil.
“In Bangladesh, the importers of soya bean oil pay only 15 percent VAT (value-added tax) while this is 37 percent for the palm oil,” he pointed out.
Seafast Director Dr Puspa Edi Guriwono said, “The palm oil is a good source of vitamins – A and E - apart from it having nutritious benefits for pediatric health.”
BEOL official Faisal Mahmud said, “There has a negative concept about palm oil in Bangladesh. Lack of branding is another drawback in the growth of product’s market in the developing countries.”
The total consumption of oils and fats was 3.04 million tons in 2019 which is about 2.97 percent higher compared to 2018.
An average of per capita consumption of oils and fats is seen approaching 18.7 kilogram, according to the Oil World data.