The government has increased edible oil prices by Tk 8 per litre, setting bottled soybean oil at Tk 175 and loose soybean and super palm oils at Tk 157 per litre, effective immediately. The hike follows a supply crunch and rising international crude oil prices, now nearing $1,200 per tonne. Although VAT on soybean and palm oil imports was reduced to 5% and exempted at production and trading stages, import costs have not fully stabilized prices. Local millers delayed supply, anticipating the hike. The Bangladesh Trade and Tariff Commission will review oil prices monthly. Meanwhile, prices of other essentials like sugar, fish, and vegetables remain stable, though potato prices remain volatile. The government urges stronger oversight to curb market irregularities despite tax exemptions aimed at reducing costs for consumers.
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