Essential commodity items get pricier

According to the Bangladesh Trade and Tariff Commission (BTTC), the price of crude soybean oil in Argentina has experienced a significant decline in the global market. On May 31, it was recorded at 847 US dollars per ton, compared to 1,970 dollars one year ago, indicating a decrease of approximately 57 percent. However, this decline in prices has not translated into benefits for consumers within the country.

Speculations of increased import costs have led to a rise in wholesale sugar prices, as the National Board of Revenue (NBR) did not extend duty benefits for sugar imports. The volatility in domestic sugar prices prompted the commerce ministry to request lower duties for refiners in an effort to stabilize the market. In February, the NBR reduced regulatory duty by 5 percentage points and eliminated import duties on unrefined and refined sugar. However, these benefits expired on May 31, resulting in a price increase of Tk 140 to Tk 250 per maund (37 kilograms) of sugar.

Bashundhara Group has launched a consumer sales campaign in honor of the religious festival Eid-ul-Adha. The company aims to provide affordable prices to customers throughout the month of June. According to a press release, various products including oil, flour, powdered spices, and chapati will be sold through mobile trucks in eight major cities across Bangladesh. The campaign was officially inaugurated on June 1st at TCB Bhawan and Secretariat Bhawan in the capital city.

During a post-budget press conference, Agriculture Minister expressed optimism that commodity prices would decrease in the next fiscal year as international prices have already begun to decline. He mentioned that fuel prices have dropped in the global market, and other goods are also experiencing downward trends. The government aims to support low-income individuals, such as rickshaw and van pullers, in maintaining their living standards.

In the upcoming fiscal year 2023-24, the prices of imported fruits, including nuts, dates, and edible plant parts, are expected to rise as the government plans to impose import duties on these goods. Finance Minister proposed a 15% Value Added Tax (VAT) on the imports of shelled cashew nuts and a 15% Custom Duty (CD) on the imports of fruits. Currently, there are no such duties on these items. The import costs of fresh and dried dates may also increase, as the government plans to impose a 15% VAT and a 15-25% CD on essential fruits.

The government has introduced supplementary duties on e-cigarettes and similar personal electric vaporizing devices, along with their parts, for the fiscal year 2023-24. This move will result in increased costs for consumers of these luxury products. Finance Minister stated that a 150% supplementary duty will be imposed on tobacco products such as liquid nicotine and transdermal-use nicotine during the import stage. The objective behind this measure is to discourage the usage of these products due to their detrimental effects on health.