TCB Set to Import 11 million liters Soybean Oil

The interim government has approved the export of 25,000 tonnes of aromatic rice by 133 companies, including Square Food and Beverage, Pran-RFL Group, and Akij Essentials, each permitted to export 500 tonnes, while others like Ispahani and Tanveer Foods were allowed 400 tonnes.

Rice prices in Bangladesh have been rising despite a global decline. The FAO All Rice Price Index dropped by 1.7% in March 2025, down nearly 25% over the past year, reaching a three-year low. However, in Bangladesh, rice prices increased from July-August 2024, peaking just before Eid-ul-Fitr.

Bangladesh has met 76% of its FY25 rice import target, bringing in 0.38 million tonnes out of the planned 0.50 million tonnes, with shipments from India, Pakistan, Myanmar, and Vietnam. The food ministry has now extended the import target to 0.90 million tonnes until December.

Rice prices in Bangladesh have been rising for 1.5 years, reaching record highs despite private import approvals. Of the 16.75 lakh tonnes permitted for import, only 2.63 lakh tonnes (17%) have arrived by March due to high dollar exchange rates, a strong Aman harvest, and weak demand.

The Chattogram district administration has set the retail price of loose soybean oil at Tk 160 per litre, effective until April 10. Importers will sell at Tk 153, dealers at Tk 155, and retailers at Tk 160 per litre. The decision was announced at a meeting led by Chattogram DC Farida Khanam, with Mayor Shahadat Hossain and key business stakeholders present.

The National Board of Revenue (NBR) has removed VAT on various edible oils, including mustard, rapeseed, canola, and rice bran oil, along with other essential commodities, to ease market pressure. VAT exemptions will apply at the production stage for rapeseed, colza seed, and canola oil until June 30, 2025, while mustard oil gets an indefinite exemption.