Govt to Procure 110,000 Litres of Soybean Oil

The Trading Corporation of Bangladesh (TCB) plans to procure 66 million litres of edible oil, 10,000 tonnes of sugar, and 10,000 tonnes of lentils from local suppliers to support 10 million low-income families. Despite issuing tenders, TCB faces challenges due to higher supplier rates and reluctance to bid at government-fixed prices.

The Advisers Council Committee on Government Purchase (ACCGP) has approved the procurement of two cargos of Liquefied Natural Gas (LNG) and 120,000 tonnes of fertilizer to meet rising demand in Bangladesh. Each LNG cargo, approximately 3.36 million mmBtu, will be sourced from M/S Total Energies Gas and Power Limited, Switzerland.

The government will procure soybean oil, lentils, LNG, and fertilisers to meet domestic demand. The Advisors Council Committee on Government Purchase, chaired by Finance Adviser Dr Salehuddin Ahmed, approved proposals for these procurements.

State-run Rupantarita Prakritik Gas Company Ltd (RPGCL) has floated a fresh tender for one spot LNG cargo for January 05-06 delivery and reissued a tender for January 09-10 due to insufficient bids. Both tenders aim to procure LNG for discharge at Moheshkhali island, with volumes around 3.36 million British thermal units (Btu).

The National Board of Revenue (NBR) has removed all import taxes on sunflower and canola oils and reduced the VAT on their imports to 5 percent, aiming to boost supply and control rising edible oil prices. Effective until March 31 next year, this move is expected to reduce import costs by Tk 40-50 per litre.

Despite rising inflation, public food distribution in Bangladesh fell by 6% year-on-year in the first half of the current fiscal year. Public agencies distributed 13.78 lakh tonnes of rice and wheat until December 5, down from 14.63 lakh tonnes the previous year.