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Govt cuts palm oil price, hikes sugar price

  • Staff Correspondent
  • 7 October, 2022 12:00 AM
  • Print news

The government reduced the palm oil (super) price by Tk 8 per litre and increased the price of sugar by Tk 6 per kg on Thursday.

The price of palm oil has been reduced to Tk 125 from Tk 133 per litre, as per the new rate.

Loose sugar price has been re-fixed at Tk 90 per kg from Tk 84 per kg and packaged sugar price has been hiked to Tk 95 per kg from Tk 89.

The new price will come into effect soon after the refiners publish a circular to this effect by Friday, Senior Commerce Secretary Tapan Kanti Ghosh told reporters after a meeting with edible oil importers and refiners at his office in the capital.

Earlier on September 22, the commerce ministry cut the price of palm oil by Tk 12 per litre to Tk 133 per litre. Prices of packaged and loose sugar have also been cut by Tk 6 and Tk 8 per kg to Tk 89 and Tk 84 per kg respectively.

Meanwhile, the government on Thursday extended the duration of the value-added tax (VAT) waiver on edible oil for another three months.

The extension up to December 31 comes after the duty benefit expired on September 30, according to a notification by the finance ministry.

The National Board of Revenue slashed the import duty on soybean oil and unrefined palm oil from 15 per cent to 5 per cent and withdrew the indirect tax at the production and trading stages in March.